Ripple and Brevan Howard announced on October 6, 2026, that they are deepening their commercial relationship. Under the expanded agreement, Ripple Prime will supply multi-asset prime brokerage, clearing and financing services to funds managed by the global alternative investment firm.

Brevan Howard, which oversees approximately $35 billion in assets and focuses on global macro strategies alongside digital assets, will gain access to comprehensive prime services spanning multiple asset classes through a single platform. The arrangement covers both traditional markets and digital assets, aiming to support greater operational simplicity and capital efficiency for the firm’s investment teams.

Scope of the Expanded Services

Prime brokerage typically encompasses trade execution support, clearing, financing and risk management for institutional clients. Ripple Prime delivers these functions across foreign exchange, derivatives, fixed income and digital assets. The platform also provides portfolio financing and risk-based margin financing, including cross-margining capabilities.

The companies did not disclose the financial terms of the agreement. Brevan Howard will use the unified platform to manage positions that bridge conventional and digital markets.

Kimmel described the move as evidence of a long-term commitment between the two organizations.

Background of the Relationship and Platform

The latest agreement builds directly on an earlier financial connection. Funds managed by affiliates of Brevan Howard took part in Ripple’s $500 million strategic investment round in 2025. That round, led by affiliates of Fortress Investment Group and Citadel Securities and including other participants, valued Ripple at $40 billion.

Ripple Prime itself originated from Ripple’s acquisition of Hidden Road, a non-bank prime broker, completed in 2025 for about $1.25 billion. Following the deal, the business was rebranded and expanded. Ripple Prime now reports serving more than 300 institutional customers and clearing more than $3 trillion annually across markets.

In August 2026 the platform introduced its Delta One business, enabling institutional clients to access total return swaps on U.S.-listed equities, indices and digital assets. Additional capabilities include support for cross-margining and risk-based financing across asset classes.

Broader Context for Institutional Infrastructure

Brevan Howard serves a client base that includes sovereign wealth funds, corporate and public pension plans, foundations and endowments. The firm has developed dedicated digital-asset capabilities alongside its traditional macro strategies.

For Ripple, the mandate adds a prominent institutional name to its prime brokerage client roster as the company continues to develop infrastructure beyond its original payments focus. The announcement does not specify any particular use of XRP or RLUSD by Brevan Howard under the new services arrangement.

The expansion occurs against a backdrop of rising institutional interest in platforms that can handle both traditional and digital markets within a regulated framework. Ripple Prime has continued to scale its offerings, including earlier funding initiatives and product additions aimed at hedge funds, market makers and other professional investors.