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Ripple Prime will supply multi-asset prime brokerage, clearing and financing to funds managed by Brevan Howard, the alternative investment manager with roughly $35 billion in assets, according to Crypto.news. The expanded agreement was announced on October 6, 2026, and covers services across several asset classes and products on one platform.
The arrangement extends a relationship that already had a financial dimension: funds managed by Brevan Howard affiliates took part in Ripple‘s $500 million strategic investment in 2025, Coinpedia reported. That round, disclosed on Nov. 5, 2025, valued Ripple at $40 billion and drew in Fortress Investment Group affiliates, Citadel Securities affiliates, Pantera Capital, Galaxy Digital and Marshall Wace alongside Brevan Howard.
Also readSEC’s New Crypto Framework Could Give Ripple a Legal Exit for XRP — But There’s a Catch
Key facts
- Brevan Howard funds will use Ripple Prime for brokerage, clearing and financing across traditional and digital markets under a deal announced Oct. 6, 2026.
- Brevan Howard affiliates participated in Ripple’s $500 million 2025 investment round, which valued the company at $40 billion.
- Ripple Prime launched its Delta One business in August, offering total return swaps linked to U.S.-listed equities, indexes and digital assets.
- Ripple Prime raised $275 million through senior unsecured notes on Aug. 18, 2026, a placement that carried a BBB investment-grade rating from KBRA.
- Ripple Prime was formed from Hidden Road, the prime broker Ripple agreed to buy for $1.25 billion in April 2025 and completed acquiring in October 2025.
What Brevan Howard gets
For Brevan Howard’s investment teams, the stated benefit is operational rather than strategic. Group Chief Operating Officer Alan McGroarty said the widening link between digital and traditional markets has raised demand for institutional-grade digital asset infrastructure, and described Ripple’s platform as differentiated, with the expectation of greater operational ease and capital efficiency.
Noel Kimmel, president of Ripple Prime, framed the deal as a vote of confidence in the unit’s cross-asset capabilities, according to Coinpedia, which also noted the two firms did not disclose the financial terms of the expanded agreement. Cointelegraph reported that Brevan Howard serves sovereign wealth funds, corporate and public pension plans, foundations and endowments.
Also readRipple’s $16 Trillion Transaction Volume Now Rivals Visa, Says CEO Brad Garlinghouse
A platform assembled over two years
Ripple Prime traces its origins to Hidden Road, which Ripple announced it would buy in April 2025 and closed on that October. Cointelegraph put the purchase price at about $1.25 billion; Crypto.news likewise reported $1.25 billion, noting the acquired business already handled institutional brokerage, clearing and financing across traditional and digital assets.
Since then Ripple has layered on capability. Its Aug. 27 announcement said the Delta One offering was live with total return swaps on U.S.-listed equities, indexes and digital assets, supported by cross-margining so clients can hold one counterparty relationship. Ripple said the unit operates in clearing and financing rather than proprietary trading or market-making, and that Ripple Prime held more than $1 billion in regulatory net capital. Before the launch, on Aug. 18, Ripple Prime completed the $275 million senior unsecured note placement; Piper Sandler was lead placement agent. A May 2026 facility of $200 million came from funds managed by Neuberger Berman, and RLUSD was named as accepted collateral within Ripple Prime, per Crypto.news.
Coinpedia said Ripple Prime serves more than 300 institutional customers and clears more than $3 trillion annually across markets. Both Coinpedia and Cointelegraph noted the announcement does not state that Brevan Howard will use XRP or RLUSD, so the agreement should not be read as confirmation of new XRP purchases or usage.
Why it matters
The agreement converts an equity investor into a services client, which is a more durable revenue relationship than a one-time round. It also gives Ripple Prime a reference client with global macro and digital asset strategies, a useful signal as it competes with established non-bank prime brokers. For Brevan Howard, the appeal is consolidating positions across asset classes on one platform rather than adding another prime broker.
What to watch
Neither company disclosed the financial terms, so the deal’s scale will only become visible in how quickly Brevan Howard funds actually clear and finance through the platform. Ripple Prime’s stated plans to move some post-trade activity onto the XRP Ledger are also worth tracking, as is whether the brokerage adds further institutional clients after this one.
Sources: crypto.news, Coinpedia, Cointelegraph
