Ripple Prime launches Delta One platform for US equity derivatives trading
The service enables institutional market participants to trade total return swaps connected to US-listed stocks, indexes and cryptocurrency assets while maintaining cross-margin capabilities.
The multi-asset prime brokerage division of Ripple, known as Ripple Prime, has introduced a Delta One service designed for institutional market participants, marking its entry into the US equity derivatives sector.
According to a Thursday announcement from Ripple, the new platform enables institutional clients to trade total return swaps connected to US-listed stocks, indexes and cryptocurrency assets.
These instruments, known as total return swaps, enable market participants to gain exposure to asset performance without the need to directly own the underlying securities.
Designed specifically for hedge funds, investment managers and other institutional financial entities, the service allows clients to work with a unified counterparty while cross-margining their positions across the various supported asset categories on a 24/7 basis, according to Ripple.
"The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we've built,"
Ripple Prime President Noel Kimmel
The current suite of services offered by Ripple Prime's prime brokerage includes clearing and financing capabilities spanning foreign exchange, derivatives, fixed income and cryptocurrency markets. According to Ripple, the division maintains regulatory net capital exceeding $1 billion.
The establishment of Ripple Prime followed Ripple's completion of its $1.25 billion purchase of Hidden Road in October 2025, with the acquired entity subsequently operating under the Ripple Prime brand.
Previously in August, Ripple Prime finalized a $275 million private placement transaction involving senior unsecured notes designed to fuel expansion initiatives. In May, Ripple Prime obtained a $200 million debt facility from investment funds under Neuberger Specialty Finance management to increase its institutional client lending capabilities.