Ripple Prime launches cross-asset Delta One business for institutions

Ripple Prime formally launched its Delta One business on August 27, 2026, opening up total return swap trading across U.S.-listed equities, equity indices, and digital assets for institutional clients. The platform is backed by more than $1 billion in regulatory net capital, giving it the balance sheet muscle to compete directly with Wall Street’s established prime brokers.

Total return swaps, for the uninitiated, are contracts where one party pays the total economic return of an asset (dividends, price gains, the whole package) and receives a fixed or floating rate in return. The buyer gets full exposure to the asset without ever actually owning it.

What Delta One actually does

The Delta One model is built around a single-counterparty structure with 24/7 cross-margining capabilities. That means institutional clients, hedge funds, asset managers, market makers, and ETF issuers can manage their margin across positions at any hour, without needing to juggle relationships across multiple prime brokers.

Ripple Prime operates without engaging in proprietary trading, focusing solely on clearing and financing flows. That removes a persistent conflict-of-interest complaint that institutional clients have long lodged against larger banks.

Noel Kimmel, President of Ripple Prime, framed the launch as a foundational moment for the firm’s equity ambitions.

“Delta One is a critical step toward enhancing Ripple’s equities capabilities and broadening service access to both existing and new clients,” Kimmel said.

The Hidden Road backstory

None of this would exist without Ripple’s acquisition of Hidden Road in October 2025 for $1.25 billion. Hidden Road was already a significant player in institutional prime brokerage before the deal closed, and the acquisition gave Ripple a ready-built clearing infrastructure that would have taken years to construct from scratch.

The rebranding to Ripple Prime followed, and the growth numbers since have been notable. Revenue tripled year-over-year, and the firm achieved profitability in 2025. Ripple Prime now clears more than $3 trillion annually and serves over 300 institutional clients.

To support the Delta One expansion, Ripple Prime raised $275 million through senior unsecured notes, priced at an 8.25% coupon and maturing in 2031. The offering was upsized from its original size, suggesting investor appetite for Ripple Prime paper was stronger than initially anticipated.

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