Ripple Prime, the multi-asset prime brokerage arm of Ripple, has rolled out a Delta One service for institutional investors, marking its expansion into US equity derivatives.

Announced on Thursday, the new offering enables clients to execute total return swaps tied to US-listed equities, indexes and digital assets. Total return swaps deliver exposure to an asset's returns without requiring ownership of the underlying asset. Such synthetic exposure instruments are a long-standing staple of traditional bank prime brokerage desks, and the move positions Ripple Prime to compete for institutional flow that has historically gone to large investment banks.

The service is aimed at hedge funds, asset managers and other financial institutions. According to Ripple, clients can trade through a single counterparty and cross-margin their exposures across the supported asset classes on an around-the-clock basis — a structure that contrasts with conventional equity prime brokers, whose services are generally tied to standard market hours and separate margin treatment for digital assets.

"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, President of Ripple Prime.

Ripple Prime's existing prime brokerage, clearing and financing services span foreign exchange, derivatives, fixed income and digital assets. The company said the business holds more than $1 billion in regulatory net capital.

Ripple Prime was formed after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the firm. The launch builds on that foundation: Hidden Road was a prime brokerage and clearing network before the acquisition, and Ripple has since positioned the unit as a bridge between traditional capital markets and digital asset markets. Earlier in August, Ripple Prime closed a $275 million private placement of senior unsecured notes to support its growth. In May, it secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to expand lending capacity for institutional clients.

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