Ripple Prime has rolled out its Delta One business, pushing the firm's institutional prime brokerage platform into U.S. equity derivatives. Through the new service, financial institutions can trade total return swaps referencing U.S.-listed equities, indexes, and digital assets.

The rollout represents one of the most significant expansions to date for Ripple Prime as the firm works to bridge traditional financial markets and digital assets through a single institutional platform.

A broader derivatives offering

Delta One is built for hedge funds, asset managers, market makers, ETF issuers, and other financial institutions. Total return swaps give investors exposure to an asset's performance without holding the underlying security directly. The instruments are long-established in institutional markets, where bank prime brokers have historically offered them for synthetic exposure and position financing — the territory Ripple Prime is now entering.

The platform couples a single-counterparty structure with cross-margining across supported asset classes — an arrangement intended to help institutional clients manage equity and digital-asset exposures more efficiently, with collateral needs reflecting net positions across markets rather than separate margin pools at multiple counterparties. Ripple Prime says the offering is designed to accommodate a range of investment horizons, risk mandates, and reporting requirements, and it is already live rather than a product planned for later release.

From crypto infrastructure to multi-asset finance

The expansion follows Ripple's acquisition of Hidden Road, announced in April 2025 at roughly $1.25 billion and completed later that year after regulatory approvals. The deal folded an established institutional brokerage and clearing operation — one serving hundreds of institutional clients — into Ripple's wider financial infrastructure strategy and set the stage for Ripple Prime's growth. Ripple has described the combination as creating the first crypto company to own and operate a global, multi-asset prime broker.

Ripple Prime currently provides prime brokerage, clearing, and financing services across foreign exchange, derivatives, fixed income, and digital assets, and reports more than $1 billion in regulatory net capital.

The firm has also raised $275 million through a private placement of senior unsecured notes and separately secured a $200 million debt facility to increase lending capacity for institutional clients.

With Delta One, Ripple Prime moves further beyond crypto-native markets into conventional institutional finance, where its integrated, cross-asset model will compete for institutions that demand increasingly sophisticated trading and financing infrastructure. The launch parallels a broader push by digital-asset firms into regulated market infrastructure over the past two years, as several have acquired broker-dealers, clearing firms, and derivatives venues to serve institutional clients that want traditional and digital-asset exposure through a single counterparty.

Source: CryptoMeter.io