TL;DR
- Ripple Prime launched a Delta One service giving institutional clients total return swap exposure to U.S.-listed equities, indexes and digital assets through one counterparty.
- The expansion builds on Ripple Prime’s existing foreign exchange, derivatives, fixed-income and digital-asset services, plus more than $1 billion in regulatory net capital.
- Ripple Prime also recently raised $275 million through senior unsecured notes and secured a $200 million debt facility to expand institutional lending capacity.
Ripple Prime has launched a Delta One service for institutional investors, expanding its multi-asset prime brokerage further into U.S. equity derivatives. The offering gives clients access to total return swaps linked to U.S.-listed equities, indexes and digital assets without requiring ownership of the underlying instruments. The central shift is Ripple Prime’s move from crypto-focused infrastructure toward a broader institutional trading platform spanning traditional and digital markets. Ripple says hedge funds, asset managers and other financial institutions can use a single counterparty while cross-margining exposures across supported asset classes around the clock.
Delta One broadens Ripple Prime’s institutional market reach
The new business builds on Ripple Prime’s existing services across foreign exchange, derivatives, fixed income and digital assets. President Noel Kimmel described Delta One as a natural extension of the platform the firm has already built. For institutional clients, the appeal lies in consolidating execution and margin management across multiple asset classes rather than maintaining separate relationships for each market. Total return swaps can replicate the economic performance of an equity, index or digital asset while leaving ownership of the underlying security outside the transaction, creating a more flexible structure for gaining market exposure.
Ripple Prime emerged after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the business under the Ripple name. The company says the prime brokerage now maintains more than $1 billion in regulatory net capital. That capital base gives the Delta One expansion a substantially larger institutional foundation than a standalone crypto trading product would typically have. By adding U.S. equity-linked derivatives, Ripple Prime is extending infrastructure originally associated with digital assets into markets traditionally served by established prime brokers, while keeping crypto within the same cross-asset framework.
The expansion also follows two financing moves aimed at increasing Ripple Prime’s capacity. Earlier in August, the business closed a $275 million private placement of senior unsecured notes, while in May it secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to expand institutional lending. The sequence suggests Ripple is pairing product expansion with additional balance-sheet resources to support a more ambitious prime-brokerage model. With Delta One now live, the company is positioning equities, indexes and digital assets inside one institutional service, testing whether clients increasingly want traditional derivatives and crypto exposure directly managed through the same counterparty.
