Ripple Prime, the multi-asset prime brokerage arm of Ripple, launched a Delta One business on Aug. 27, giving institutional clients access to equity derivatives for the first time. The service allows clients to execute total return swaps linked to US-listed equities, indices, and digital assets through a single counterparty relationship.
A Conflict-Free Execution Model
Ripple Prime said its Delta One offering differs from traditional setups by operating solely in the clearing and financing flow. Most incumbent Delta One desks sit alongside market-making or proprietary trading operations, which can create conflicts of interest. Ripple Prime said it avoids that structure entirely.
“Clients can now access equities, FX, derivatives, fixed income, and digital asset prime brokerage, clearing, and financing all through a single counterparty that is built for the future of finance,” said Noel Kimmel, president of Ripple Prime. The business carries more than $1 billion in regulatory net capital, Ripple said.
Ripple Prime was created after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the business. Its existing prime brokerage, clearing, and financing services already cover foreign exchange, derivatives, fixed income, and digital assets. The Delta One launch extends that coverage into US equity derivatives.
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Recent Debt Raises Are Funding Continued Growth
The Delta One launch follows two significant financing rounds at Ripple Prime. In May 2026, the business secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to expand its lending capacity for institutional clients. Earlier in August, Ripple Prime closed an upsized $275 million private placement of senior unsecured notes to support further growth.
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