TLDR:
- Ripple Prime launched its Delta One business with total return swaps tied to U.S. equities, indexes, and digital assets for institutional clients.
- Clients can cross-margin eligible exposures through one counterparty, combining traditional and digital market positions within the same brokerage relationship.
- The Delta One business enters the market with more than $1 billion in regulatory net capital, alongside new debt financing raised during 2026.
- Ripple built Ripple Prime from its $1.25 billion Hidden Road acquisition, creating a multi-asset brokerage that clears more than $3 trillion annually.
Ripple Prime has launched its Delta One business, moving deeper into institutional equity derivatives. The service went live on August 27, 2026, following the announcement. It offers total return swaps tied to U.S.-listed equities, stock indexes, and digital assets. Hedge funds, asset managers, and other institutions can access these exposures through one brokerage relationship.
Ripple Prime also supports cross-margining across approved asset classes. The setup extends foreign exchange, fixed income, derivatives, and digital asset services. Ripple said the platform operates around the clock. The launch also brings equity-linked products into the brokerage formed after Ripple acquired Hidden Road in 2025.
Ripple Prime Adds Total Return Swaps Across Major Markets
Delta One gives institutional clients economic exposure without requiring direct ownership of the referenced assets. Total return swaps generally exchange an asset’s performance against agreed financing payments. That structure can include price changes and other economic returns from the underlying instrument.
Ripple Prime will act as the counterparty for the new swaps. Clients can combine supported equity, index, and crypto exposures within the broader prime brokerage framework. The firm said positions can be cross-margined across eligible asset classes.
Cross-margining can reduce duplicated collateral when institutions hold related positions across different markets. It can also simplify collateral management under one brokerage relationship. The brokerage already covers foreign exchange, fixed income, derivatives, swaps, and digital assets.
The business also uses what Ripple describes as a conflict-free execution model. Ripple Prime said it focuses on clearing and financing flows rather than proprietary trading. That structure separates its brokerage activity from market-making businesses that may trade against client flows.
President Noel Kimmel said the launch expands the platform into another institutional market segment. He said clients can now access several asset classes through one counterparty. The company also said the service can be adjusted for different investment horizons, reporting needs, and risk mandates.
The Delta One launch follows other institutional market integrations during 2026. The brokerage added support for Hyperliquid in February, extending access to decentralized derivatives liquidity. It later integrated with EDX Markets in May for spot and perpetual futures liquidity.
Capital Growth Supports the New Institutional Brokerage Push
Ripple Prime said it enters the equity derivatives market with more than $1 billion in regulatory net capital. The capital base directly supports clearing, financing, and brokerage activity across its multi-asset platform.
The company also raised additional financing during 2026. In May, Ripple Prime secured a $200 million debt facility from funds managed by Neuberger Specialty Finance. Ripple said the facility would expand capacity for institutional prime services and margin financing.
On August 18, the brokerage closed a $275 million private placement of senior unsecured notes. Ripple said the offering was increased from its original size after institutional demand. The notes received a BBB investment-grade rating from KBRA.
The brokerage emerged after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025. Hidden Road already operated across traditional and digital markets before the deal. The acquisition placed its clearing, financing, and prime brokerage operations under the Ripple Prime brand.
Ripple says the platform clears more than $3 trillion annually across markets. It also serves more than 300 institutional customers. Those activities include digital assets, foreign exchange, precious metals, exchange-traded derivatives, OTC swaps, and fixed income repo markets.
The new Delta One business extends that structure into swaps tied directly to U.S.-listed equities and indexes. Digital assets remain part of the same offering. Institutions can therefore manage supported exposures through one counterparty while using cross-margining across eligible positions.
Ripple Prime said the business will focus on execution, clearing, and financing. The service is already live for institutional clients using total return swaps across supported U.S. equity, index, and digital asset markets.