Ripple Prime, the multi-asset prime brokerage arm of Ripple, has launched its Delta One business, enabling institutional investors to trade total return swaps linked to US-listed equities, indexes and digital assets. The service went live on Thursday and expands the firm’s offerings beyond foreign exchange, traditional derivatives, fixed income and crypto products.

Total return swaps allow clients to obtain economic exposure to an asset’s performance, including price changes and related components such as dividends, without taking ownership of the underlying instrument. The new capability targets hedge funds, asset managers, market makers, ETF issuers and other financial institutions seeking flexible synthetic exposure.

Single Counterparty and Cross-Margining Features

Clients can execute the swaps through one counterparty and apply cross-margining across supported asset classes. The platform operates around the clock, supporting continuous management of collateral and positions that span traditional market hours and the always-open digital asset markets.

Ripple Prime President Noel Kimmel described the move as a logical next step for the business.

He also noted that clients can now access equities alongside FX, derivatives, fixed income and digital asset prime brokerage, clearing and financing services under a unified relationship.

Capital Strength and Recent Funding

The business operates with more than $1 billion in regulatory net capital. Earlier this month, Ripple Prime closed a $275 million private placement of senior unsecured notes, an upsized offering that attracted demand from institutional investors. In May, it secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to increase lending capacity for clients.

Proceeds from the note placement are intended for working capital, technology investment and personnel supporting the brokerage operations.

Background of Ripple Prime

Ripple Prime was formed following Ripple’s $1.25 billion acquisition of Hidden Road, completed in October 2025. The acquired firm was rebranded and integrated with Ripple’s digital asset infrastructure. The original Hidden Road platform already provided multi-asset services covering foreign exchange, derivatives, fixed income and cryptocurrencies.

Since the acquisition, Ripple Prime has added further institutional capabilities, including access to additional liquidity venues and expanded financing options. The Delta One launch extends that multi-asset model to US equity-linked total return swaps while keeping digital assets within the same brokerage framework.

The firm provides clearing, financing and prime brokerage services and reports clearing more than $3 trillion annually across markets while serving more than 300 institutional customers. Its focus remains on execution, clearing and financing rather than proprietary trading.