TLDR
- Ripple Prime launched a delta one business, letting institutions execute total return swaps on US stocks, indexes, and crypto assets
- The service targets hedge funds, market makers, and ETF issuers through a single counterparty platform
- Ripple Prime has over $1 billion in regulatory net capital, backed by a $275 million private placement and a $200 million debt facility
- XRP rose nearly 5% in 24 hours to $1.43, with trading volume up 8%
- Spot XRP ETFs saw $28.14 million in inflows on Wednesday, the strongest single day in over seven months
Ripple Prime, the brokerage arm of crypto company Ripple, has launched a delta one business that lets institutional clients trade US stocks, indexes, and crypto assets from one platform.
Introducing Ripple Prime’s Delta One business – bringing Total Return Swaps across US-listed equities, indices and digital assets to clients, tailored to their investment horizons, risk mandates and reporting requirements.
Single counterparty. Cross-margined. Structurally…
— Ripple (@Ripple) August 27, 2026
The new service allows clients to execute total return swaps, giving them economic exposure to equities without owning the underlying shares. Hedge funds, asset managers, ETF issuers, and market makers are the target clients.
What Delta One Actually Offers
A delta one product mirrors the returns of an asset without requiring direct ownership. Ripple Prime’s version covers US listed equities, stock indexes, and digital assets all under one roof.
Clients can cross-margin positions across these asset classes around the clock. That 24/7 access brings traditional finance products closer to the always-on infrastructure that crypto markets already use.
Ripple Prime President Noel Kimmel described the launch as a natural extension of the platform. He said clients have been asking for cross-asset access through a single counterparty.
The firm says it operates only in clearing and financing, and does not combine delta one with market-making or proprietary trading. Ripple says this structure reduces potential conflicts of interest with its institutional clients.
Ripple Prime’s Financial Backing
Ripple Prime closed a $275 million private placement of senior unsecured notes earlier this month. It also secured a $200 million debt facility from funds managed by Neuberger Specialty Finance earlier this year.
The business now holds more than $1 billion in regulatory net capital. Kimmel said the capital will be used to grow the team and technology.
Ripple Prime grew out of Ripple’s $1.25 billion acquisition of Hidden Road, completed in 2025. That deal gave Ripple an established institutional prime brokerage operation spanning both traditional and digital markets.
The delta one launch extends that strategy further into Wall Street territory. Ripple aims to bridge traditional finance and crypto on one platform, alongside plans for Ripple National Trust Bank.
XRP Price and ETF Flows
XRP rose nearly 5% in 24 hours following the news, trading at $1.43. Trading volume increased 8% over the same period.
Spot XRP ETFs recorded $28.14 million in inflows on Wednesday. Bitwise, Franklin, and Canary ETFs led those flows, marking the strongest single day of inflows in more than seven months.
XRP futures open interest rose to $3.50 billion on platforms including CME and Binance. Derivatives traders remain cautious ahead of monthly options expiry.
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