Ripple Prime Enters Delta One Market with Institutional Trading Desk
Ripple Prime, the prime-brokerage arm of Ripple, has launched a Delta One business that allows institutional clients to trade total return swaps on US-listed equities, equity indices, and digital assets. This move puts Ripple directly in competition with top Wall Street firms like Goldman Sachs and JPMorgan.
The Delta One business is the result of Ripple's $1.25 billion acquisition of Hidden Road in October 2025, which gave the company a fully operational prime brokerage with roots in traditional finance.
Ripple Prime is targeting hedge funds, asset managers, and ETF issuers with its single-counterparty relationship that spans foreign exchange, derivatives, fixed income, equities, and digital assets. The platform offers 24/7 cross-margining, which allows collateral posted against one position to offset margin requirements in another.
Ripple Prime emphasizes its conflict-free execution model, where the firm handles clearing and financing but does not engage in market-making or proprietary trading. This sets it apart from major banks, whose Delta One desks often sit alongside prop-like trading operations, creating potential conflicts of interest.