SKN | Ripple Prime Expands Into US Equity Derivatives With Delta One Launch

• Ripple Prime has launched a Delta One business allowing institutional clients to access total return swaps linked to US-listed equities, indexes and digital assets.
• The service enables hedge funds and asset managers to use a single counterparty and cross-margin exposures across supported asset classes around the clock.
• The expansion builds on Ripple Prime’s broader institutional brokerage platform, which has more than $1 billion in regulatory net capital.

Ripple Prime, Ripple’s multi-asset prime brokerage business, is expanding beyond its established foreign exchange, fixed-income and digital-asset operations with a new Delta One service focused on US equity derivatives. The move gives institutional investors access to derivatives tied to traditional equities alongside digital assets through the same prime brokerage infrastructure.

The launch reflects the continued convergence of traditional and digital markets, as institutional investors increasingly seek trading and financing platforms capable of handling multiple asset classes through a single relationship.

Total Return Swaps Expand Institutional Access

Ripple Prime’s Delta One business allows institutional clients to execute total return swaps linked to US-listed equities, indexes and digital assets.

A total return swap provides economic exposure to an underlying asset’s performance without requiring the investor to directly own that asset. This structure can allow institutions to gain exposure while potentially improving capital efficiency and simplifying the management of multiple positions.

Ripple said the service is designed for hedge funds, asset managers and other financial institutions. Clients can use a single counterparty across supported markets and cross-margin their exposures, while accessing the service around the clock.

The ability to manage traditional equity and digital-asset exposures through one counterparty could be particularly relevant for institutions operating across multiple markets. Rather than maintaining separate infrastructure for different asset classes, clients can potentially consolidate trading, financing and risk-management activities within one platform.

Ripple Prime Builds a Multi-Asset Platform

The Delta One launch expands an existing prime brokerage operation that provides clearing, financing and trading services across foreign exchange, derivatives, fixed income and digital assets.

Ripple said Ripple Prime has more than $1 billion in regulatory net capital, providing a financial base for its institutional expansion.

The business was created following Ripple’s $1.25 billion acquisition of Hidden Road, completed in October 2025. The acquisition gave Ripple an established prime brokerage platform and expanded its ability to provide institutional financial services beyond its core blockchain and digital-asset operations.

The latest expansion suggests Ripple is continuing to position the business as a broader capital-markets platform rather than limiting its institutional offering to cryptocurrency.

Capital Supports Further Institutional Expansion

Ripple Prime has also raised additional financing as it expands its institutional operations.

Earlier in August, the company completed a $275 million private placement of senior unsecured notes. In May, it secured a $200 million debt facility from funds managed by Neuberger Specialty Finance, with the facility intended to increase lending capacity for institutional clients.

Those financing arrangements provide additional resources for a business model that relies heavily on balance-sheet capacity, financing and clearing relationships.

For institutional investors, the significance of the Delta One launch extends beyond the individual derivatives products. The ability to access US equities, indexes and digital assets through a single prime brokerage relationship could reinforce the trend toward multi-asset infrastructure in which traditional and crypto markets operate alongside one another.

The key test will be institutional adoption and trading volume. Ripple Prime will need to demonstrate that its combination of cross-margining, financing and digital-asset connectivity provides sufficient value to compete with established prime brokers and derivatives providers. If successful, the Delta One business could strengthen Ripple Prime’s position at the intersection of conventional capital markets and the expanding institutional digital-asset sector.