Ripple (XRP) Makes Major Wall Street Push With New Institutional Trading Business

The company behind XRP has made another move geared toward Wall Street and beyond its cryptocurrency roots by launching a new institutional trading business with Ripple Prime.

The new initiative, announced earlier on Thursday, will allow hedge funds, asset managers, and other institutional clients to execute Total Return Swaps (TRS) across US-listed equities, indices, and digital assets.

Deeper Into Wall Street

The announcement shared by the company informed that the service is already live, and it aims to expand the firm’s presence in traditional financial markets less than a year after completing its $1.25 billion acquisition of prime broker Hidden Road.

Products within Delta One are derivatives designed to closely track the performance of an underlying asset or index. A TRS, for instance, allows an investor to receive the gains and income generated by an asset without necessarily owning it directly, in exchange for paying financing costs and absorbing losses.

Ripple Prime has expanded the scope of assets available on its platform as clients can now access equities alongside foreign exchange, fixed income, derivatives, and cryptocurrencies through a single counterparty relationship. The company said customers can also cross-margin exposures across those different assets around the clock, potentially reducing the amount of collateral institutions need to maintain separately.

Ripple Prime’s President, Noel Kimmel, said that these sorts of services are what institutional market participants are “asking for today, and we are proud to be the ones delivering it.”

Beyond Crypto

Ripple’s acquisition of Hidden Road (later renamed Ripple Prime) was initially announced in April 2025 and completed by the end of the year. It became the first crypto company to own and operate a global multi-asset prime broker, clearing over $3 trillion annually and serving more than 300 institutional customers.

As reported a few months back, Ripple Prime also received an investment-grade BBB rating from KBRA, with the agency pointing to its growth in clearing and intermediation across exchange-traded derivatives and fixed-income repo markets.

Earlier in August, Ripple Prime announced an upsized $275 million private placement of senior unsecured notes, following a $200 million debt facility secured from Neuberger Specialty Finance in May. The entity said it would use the fresh capital to support its continued expansion.