Ripple Prime has launched its Delta One business, expanding its institutional services into U.S. equity derivatives on Aug. 27, 2026. The new offering allows institutional investors, including investment firms and other financial entities, to access Total Return Swap contracts based on U.S.-listed stocks, indexes, and digital assets through Ripple Prime’s existing brokerage platform.
The launch gives institutional clients access to one counterparty across supported transactions. Ripple Prime also provides cross-margining across asset classes, enabling clients to manage positions and collateral through a single relationship. Its service is available 24 hours a day, covering both traditional financial markets and digital assets.
Total return swap agreements let investors participate in an asset’s financial performance without having to directly hold the asset itself. The payments exchanged between the two parties typically depend on how the asset performs and the financing conditions set out in the swap agreement.
Ripple Prime Expands Institutional Services With Delta One Launch
Delta One broadens the services already offered by Ripple Prime, including foreign exchange, derivatives, fixed income, and digital assets. Institutional clients can structure swaps to match different investment periods, risk requirements, and reporting needs while keeping their positions under the firm’s existing prime brokerage relationship.
The launch marks another step in the development of Ripple Prime’s institutional platform, with the Delta One business building on the services the company has established. Ripple Prime President Noel Kimmel said:
“The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built.”
The new service continues to operate under the clearing and financing structure already used by Ripple Prime. Ripple said the business operates without conflicts because its activities are limited to clearing and financing services for clients. This allows institutional users to access supported asset classes through a single brokerage relationship.
Ripple Prime’s Earlier Deals Set Stage for Delta One
On April 8, 2025, Ripple announced its $1.25 billion acquisition of Hidden Road, a multi-asset prime broker serving institutions across FX, digital assets, derivatives, swaps and fixed income. The deal laid the foundation for Ripple Prime’s expansion beyond crypto-focused services.
On November 3, 2025, Ripple Prime launched digital-asset spot prime brokerage for U.S. institutional clients. The service enabled OTC spot trading and cross-margining with digital-asset portfolios, including OTC swaps and CME futures and options, strengthening its multi-asset institutional platform.
On February 4, 2026, Ripple Prime enabled institutional access to Hyperliquid’s decentralized derivatives liquidity, allowing clients to cross-margin DeFi exposures with digital assets, FX, fixed income and other derivatives. The integration further expanded Ripple Prime’s institutional derivatives capabilities ahead of its Delta One launch.
