š A $35 billion macro fund handed its prime brokerage business to a crypto company
Brevan Howard moved its prime brokerage, clearing, and financing operations onto Ripple Prime. The announcement, issued jointly by the two firms on October 6, spans both traditional and digital asset markets.
Prime brokers are Wall Streetās plumbers. Hedge funds rely on them to borrow money, clear trades, and custody positions. For a long time, this turf belonged to Goldman Sachs, Morgan Stanley, and JPMorgan. Now a macro fund managing $35 billion, with sovereign wealth funds and pension funds among its clients, is handing that work to a company that got its start in crypto.
The two were already familiar with each other. A fund under Brevan Howard participated in Rippleās $500 million funding round last November. Led by Fortress and Citadel Securities, the round valued Ripple at $40 billion.
Ripple Prime isnāt a new entity, either. It was formerly the prime broker Hidden Road, which Ripple bought for about $1.25 billion. The deal closed last fall, and the business was renamed. In August, it also issued $275 million in senior notes earmarked for expansion. On August 27, it launched Delta One, offering equity total return swaps and bringing U.S. stocks and indexes to the table. The announcement also noted in passing that its stablecoin, RLUSD, had already been used as collateral.
The terms werenāt disclosed. They didnāt say which funds are involved or when theyāll get started.
The token didnāt cooperate. As I write this, three sources quote XRP at between $1.4167 and $1.4173, down 5.4% over 24 hours, in line with the broader market. BTC is at $83,181 to $83,220, down 2.7%. ETH is around $2,569, down 4.7%.
A business card handed to Wall Street, in return for a 5% drop. Buyers are paying for the plumbing; itās a different story from the token price. The thing to watch is who signs the next deal.
$XRP $BTC
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #Bitcoin #Ripple
Brevan Howard moved its prime brokerage, clearing, and financing operations onto Ripple Prime. The announcement, issued jointly by the two firms on October 6, spans both traditional and digital asset markets.
Prime brokers are Wall Streetās plumbers. Hedge funds rely on them to borrow money, clear trades, and custody positions. For a long time, this turf belonged to Goldman Sachs, Morgan Stanley, and JPMorgan. Now a macro fund managing $35 billion, with sovereign wealth funds and pension funds among its clients, is handing that work to a company that got its start in crypto.
The two were already familiar with each other. A fund under Brevan Howard participated in Rippleās $500 million funding round last November. Led by Fortress and Citadel Securities, the round valued Ripple at $40 billion.
Ripple Prime isnāt a new entity, either. It was formerly the prime broker Hidden Road, which Ripple bought for about $1.25 billion. The deal closed last fall, and the business was renamed. In August, it also issued $275 million in senior notes earmarked for expansion. On August 27, it launched Delta One, offering equity total return swaps and bringing U.S. stocks and indexes to the table. The announcement also noted in passing that its stablecoin, RLUSD, had already been used as collateral.
The terms werenāt disclosed. They didnāt say which funds are involved or when theyāll get started.
The token didnāt cooperate. As I write this, three sources quote XRP at between $1.4167 and $1.4173, down 5.4% over 24 hours, in line with the broader market. BTC is at $83,181 to $83,220, down 2.7%. ETH is around $2,569, down 4.7%.
A business card handed to Wall Street, in return for a 5% drop. Buyers are paying for the plumbing; itās a different story from the token price. The thing to watch is who signs the next deal.
$XRP $BTC
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #Bitcoin #Ripple