Ripple Prime Unveils Wall Street Swaps Desk with Barely a Mention of XRP

Ripple Prime has launched its Delta One desk, allowing hedge funds and other financial institutions to access equity-linked and digital-asset exposure through one counterparty. The new swaps desk is designed for clients that want to gain exposure to various assets without having to buy them outright.

The Delta One business is a natural extension of the platform built by Ripple Prime, which has over $1 billion in regulatory net capital after closing an upsized $275 million senior unsecured notes offering in August and a $200 million debt facility from funds managed by Neuberger Specialty Finance earlier this year.

The launch of the Delta One desk is not surprising, given that Ripple acquired Hidden Road in October 2025 for $1.25 billion. Hidden Road was already clearing about $3 trillion annually across more than 300 institutional customers at the time of the acquisition.

Ripple Prime's president, Noel Kimmel, called the launch 'an important development for Ripple Prime and a natural extension of the platform we've built.' The company has emphasized that its Delta One desk sits inside a clearing and financing business, not beside a market-making or proprietary trading book.