Ripple Launches Institutional Trading Arm

Ripple Launches Institutional Trading Business to Expand Wall Street Reach

Ripple, the company associated with the cryptocurrency XRP, has unveiled a new institutional trading business, Ripple Prime, signaling a strategic expansion beyond its digital asset origins and deeper into traditional finance.

The initiative, announced Thursday, will enable hedge funds, asset managers, and other institutional clients to engage in Total Return Swaps (TRS) across a range of assets, including US-listed equities, indices, and digital assets.

According to the company, the service is now operational and represents a significant move to bolster its presence in traditional financial markets. This development follows Ripple’s acquisition of prime broker Hidden Road for $1.25 billion, which was completed less than a year ago.

Products within the Delta One category, such as TRS, are derivatives designed to mirror the performance of an underlying asset or index. A TRS allows investors to benefit from an asset’s gains and income without direct ownership, in exchange for financing costs and potential losses.

Ripple Prime has broadened its platform’s asset offerings, now providing clients with access to equities alongside foreign exchange, fixed income, derivatives, and cryptocurrencies through a unified counterparty relationship. The company also stated that customers can cross-margin exposures across these diverse assets around the clock, potentially lowering the collateral requirements for institutions.

Noel Kimmel, President of Ripple Prime, commented that these services are precisely what institutional market participants are seeking, and expressed pride in the company’s ability to deliver them.

Ripple’s acquisition of Hidden Road, subsequently rebranded as Ripple Prime, was initially announced in April 2025 and finalized by year-end. This acquisition positioned Ripple as the first crypto company to own and operate a global multi-asset prime broker, handling over $3 trillion in annual clearing volume and serving more than 300 institutional clients.

Earlier this year, Ripple Prime secured an investment-grade BBB rating from KBRA, with the agency citing its growth in clearing and intermediation within exchange-traded derivatives and fixed-income repo markets.

In August, Ripple Prime announced an upsized $275 million private placement of senior unsecured notes, following a $200 million debt facility secured from Neuberger Specialty Finance in May. The company indicated that the new capital would fuel its ongoing expansion efforts.