Ripple Prime
Updated
What it is
Ripple Prime is Ripple's institutional multi-asset prime brokerage and custody unit, built from Ripple's acquisition of prime broker Hidden Road. It offers institutional clients OTC spot trading, custody, derivatives, swaps, fixed income, and FX services across digital assets including XRP and Ripple's RLUSD stablecoin, alongside traditional asset classes.
Why it matters lately
Ripple agreed on April 8, 2025 to buy Hidden Road for $1.25 billion, and after closing the deal rebranded it as Ripple Prime, launching U.S. digital-asset spot prime brokerage on November 3, 2025. On August 27, 2026, Ripple Prime launched a Delta One business letting institutions trade total return swaps across U.S.-listed equities, indices, and digital assets with cross-margining through a single counterparty.
Asymmetric Analytics view
Inference (AA): Ripple Prime's push to bundle crypto and traditional-asset prime brokerage signals accelerating institutional convergence between digital-asset and legacy capital markets infrastructure, a key structural trend for ELSI's crypto-actor cluster.