Ripple Prime has launched its Delta One business, expanding its institutional prime brokerage platform into U.S. equity derivatives. The new service gives financial institutions access to total return swaps linked to U.S.-listed equities, indexes, and digital assets.
The launch marks a significant expansion for Ripple Prime as it seeks to connect traditional financial markets with digital assets through a single institutional platform.
A broader derivatives offering
Ripple Prime’s Delta One service targets hedge funds, asset managers, market makers, ETF issuers, and other financial institutions. Total return swaps allow investors to gain exposure to an asset’s performance without directly owning the underlying security.
The platform also offers a single-counterparty structure and cross-margining across supported asset classes. That approach could allow institutional clients to manage exposures across equities and digital assets more efficiently.
Ripple Prime said the service is designed to accommodate different investment horizons, risk mandates, and reporting requirements. The business is already live, rather than being a future product announcement.
From crypto infrastructure to multi-asset finance
The expansion builds on Ripple Prime’s development following Ripple’s acquisition of Hidden Road. The transaction brought an established institutional brokerage and clearing operation into Ripple’s broader financial infrastructure strategy.
Ripple Prime already provides prime brokerage, clearing, and financing services across foreign exchange, derivatives, fixed income, and digital assets. The company says the business has more than $1 billion in regulatory net capital.
The move also comes after Ripple Prime raised $275 million through a private placement of senior unsecured notes. It separately secured a $200 million debt facility to increase lending capacity for institutional clients.
With Delta One, Ripple Prime is positioning itself beyond crypto-native markets and deeper into conventional institutional finance. The key test will be whether its integrated, cross-asset model can attract clients competing for increasingly sophisticated trading and financing infrastructure.
