Ripple Prime has launched a Delta One business letting institutional clients execute total return swaps on US-listed equities, indices and digital assets. The move extends Ripple's brokerage arm beyond crypto, FX, derivatives and fixed income into synthetic equity exposure, and comes as XRP rebounds and spot XRP ETFs draw fresh inflows.
Ripple Prime adds equity swaps to its brokerage
Ripple Prime, the brokerage unit of Ripple, said Thursday it has launched a Delta One business that lets institutional clients execute Total Return Swaps on US-listed equities, indices and digital assets. The new desk extends Ripple Prime beyond its existing prime brokerage, clearing and financing services across FX, derivatives, fixed income and crypto.
The business targets hedge funds, asset managers and other financial institutions seeking a single counterparty across multiple asset classes. According to CoinGape, Bloomberg reported on August 27 that the desk will let investors trade swaps on US stocks, indexes and crypto assets, and Ripple Prime President Noel Kimmel said the offering is aimed at hedge funds, market makers and ETF issuers.
Ripple said the service lets clients cross-margin their exposures across equities, FX, derivatives, fixed income and digital assets on a 24/7 basis, a structure it says can make institutional trading programs more efficient by bringing multiple forms of market access, financing and clearing under one relationship. According to Ripple Prime, Kimmel said: "an important development for Ripple Prime and a natural extension of the platform we've built."
The desk uses a conflict-free execution model, operating solely in clearing and financing without the market-making or proprietary trading activities common among incumbent Delta One desks, Ripple noted. CoinGape reported that the launch gives clients synthetic equity exposure without holding the underlying shares.
Fresh capital behind the push
The expansion follows Ripple Prime's $275 million private placement of senior unsecured notes, upsized to support its US business, which the firm said drew strong demand from a diverse base of institutional investors. Kimmel said the firm plans to use the additional capital to invest in its team and technology as it seeks to grow its position as one of the largest non-bank prime brokers globally.
XRP rebounds as ETF inflows build
The news landed as XRP rebounded 1% over the last hour and almost 5% over the past 24 hours, trading at $1.43 with a 24-hour range of $1.36 to $1.45, while trading volume rose 8% over the same period.
Spot XRP ETFs also drew $28.14 million in inflows on Wednesday, led by Bitwise, Franklin and Canary, marking their strongest single day of inflows in more than seven months. CoinGlass data showed XRP futures open interest rose almost 0.5% to $3.50 billion over the last 24 hours, with open interest on CME and Binance climbing more than 0.22% and 0.32%, respectively. Sentiment remains bullish, though derivatives traders stayed cautious ahead of monthly options expiry.
Sources: Crypto Briefing, CoinGape
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