Ripple Prime launches Delta One service to bridge U.S. equities and digital assets
The institutional arm of Ripple has expanded its prime brokerage platform to include derivatives on U.S. listed equities, indices, and digital assets, offering clients a unified 24/7 cross-margining solution.
Ripple Prime has launched a new Delta One service, marking a significant expansion of its institutional prime brokerage platform into U.S. listed equities. The new offering allows clients to execute total return swaps tied to U.S. equities, indices, and digital assets, providing economic exposure without the need for direct ownership of the underlying securities.
The service is designed for institutional investors, including hedge funds and asset managers, who seek cross-asset access through a single counterparty. By enabling cross-margining across supported asset classes on a 24/7 basis, Ripple Prime is bringing traditional market products closer to the continuous infrastructure already common in the crypto sector.
Noel Kimmel, President of Ripple Prime, described the launch as a "natural extension of the platform we've built." He noted that client demand has driven the move, with financial firms increasingly asking for streamlined access to diverse asset classes without fragmenting their brokerage relationships.
To differentiate itself from traditional Delta One desks, Ripple Prime has adopted a structure that operates solely in clearing and financing. By avoiding market-making or proprietary trading, the company aims to reduce potential conflicts of interest between the broker and its institutional clients.
The expansion is supported by more than $1 billion in regulatory net capital. The business recently strengthened its balance sheet by closing an upsized $275 million private placement of senior unsecured notes earlier this month. This follows a $200 million debt facility secured from funds managed by Neuberger Specialty Finance earlier in the year.
Ripple Prime grew out of Ripple’s $1.25 billion acquisition of Hidden Road, completed in 2025. The acquisition provided Ripple with an established prime brokerage operation spanning traditional and digital markets. The Delta One launch pushes this strategy further into Wall Street territory, integrating crypto infrastructure into a multi-asset brokerage rather than keeping digital assets in a separate institutional silo.
