Ripple Prime has added a Delta One offering that lets institutional clients trade total return swaps (TRS) tied to U.S.-listed equities, indexes and digital assets through its multi-asset prime brokerage. What it does - The new Delta One service is live for hedge funds, asset managers and other financial institutions. It allows clients to gain economic exposure to referenced equities, indexes and crypto without owning the underlying assets outright, using TRS where payments track the asset’s return plus agreed financing terms. - Ripple Prime acts as the single counterparty, enabling cross-margining across supported asset classes and 24/7 collateral and exposure management through one prime brokerage relationship. - The product can be tailored to different investment horizons, risk profiles and reporting needs. Why it matters - “The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built,” said Noel Kimmel, Ripple Prime President. The move extends an existing multi-asset franchise—already covering foreign exchange, derivatives, fixed income and digital assets—into U.S. equity-linked swaps. - By consolidating exposures and margining across traditional and digital markets, Ripple Prime aims to simplify operations and lower friction for institutional traders seeking multi-asset strategies. How it fits into Ripple Prime’s buildout - The Delta One rollout follows several infrastructure upgrades this year: - May: Integration with EDX Markets to give clients access to EDX spot liquidity and perpetual futures via a unified brokerage arrangement (with RLUSD expected to play a settlement/collateral role in the setup). - February: Added access to Hyperliquid, a decentralized derivatives venue, while allowing those positions to be cross-margined with other assets on the platform. - Ripple Prime provides credit intermediation, collateral management and net settlement for these integrations, continuing a pattern of connecting centralized and decentralized liquidity through one prime broker. Background and scale - Ripple rebranded its institutional brokerage to Ripple Prime after completing the $1.25 billion acquisition of Hidden Road in October 2025 (transaction announced April 2025). Hidden Road already operated across traditional and digital markets; Ripple has since integrated its digital-asset stack and contemplated use of RLUSD in certain prime-brokerage products. - Ripple Prime reports more than $1 billion in regulatory net capital, clears over $3 trillion annually and serves 300+ institutional customers across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps and fixed income repo markets. Financing to support growth - The firm has bolstered capital to support client financing and platform expansion: - May: $200 million debt facility from funds managed by Neuberger Specialty Finance to increase financing capacity for institutional borrowing. - Aug. 18: Closed a $275 million private placement of senior unsecured notes (upsized on demand), rated BBB by KBRA, with Piper Sandler as lead placement agent. Proceeds are earmarked for working capital, technology and personnel supporting the brokerage. - Ripple has said Ripple Prime’s revenue has tripled year-over-year since the Hidden Road acquisition, with rising demand across both traditional and digital markets. Bottom line The Delta One launch brings U.S. equity- and index-linked TRS into Ripple Prime’s broader multi-asset ecosystem, reinforcing the firm’s push to be a one-stop prime broker for institutions that want seamless exposure, financing and margining across traditional and crypto markets. Read more AI-generated news on: undefined/news