By PYMNTS | October 7, 2026
Ripple Prime has officially announced a landmark agreement to provide comprehensive multi-asset prime brokerage, clearing, and financing services to funds managed by Brevan Howard. The development marks a significant milestone in the ongoing convergence of traditional institutional finance and digital asset markets, highlighting Ripple’s rapid evolution from a blockchain payment solutions provider into a formidable infrastructure player on Wall Street.
According to a press release issued by Ripple on Tuesday, October 6, this strategic partnership represents a profound deepening of the existing relationship between Ripple and Brevan Howard. Brevan Howard is globally recognized as a premier alternative investment manager specializing in global macro strategies and digital asset portfolios. The collaboration underscores the accelerating institutional demand for enterprise-grade, fully regulated prime brokerage solutions capable of bridging the gap between legacy financial systems and digital asset ecosystems.
Industry observers note that the partnership is a clear indicator of how far Ripple has advanced in penetrating traditional financial strongholds. Reporting by The Wall Street Journal on Wednesday, October 7, emphasized that securing Brevan Howard as a client demonstrates Ripple’s successful foray into Wall Street’s most lucrative and tightly guarded competitive spaces. Historically, services such as leveraged exchange-traded fund (ETF) financing have been almost exclusively dominated by massive, legacy global investment banks. However, Ripple Prime has steadily chipped away at that monopoly, establishing itself as a trusted partner for multiple ETF providers while actively scaling its operations to accommodate prominent hedge funds and other large-scale institutional investment managers.
Noel Kimmel, president of Ripple Prime, emphasized the rigorous standards required to operate at this level of institutional finance. In the official release, Kimmel noted that very few firms are currently equipped to deliver the next-generation prime services demanded by today’s sophisticated global investors. He added that Brevan Howard’s decision to place its trust in Ripple Prime serves as powerful external validation of the company’s robust competitive positioning, operational resilience, and expansive cross-asset capabilities. In comments highlighted by The Wall Street Journal, Kimmel further elaborated on the trajectory of this business segment, confirming that it has rapidly evolved into a growing and meaningful pillar of Ripple’s overall commercial operations.
The foundation for Ripple Prime’s current market standing was established last year through Ripple’s multi-billion-dollar corporate acquisition. Specifically, Ripple Prime was formed following Ripple’s monumental $1.25 billion acquisition of established prime brokerage Hidden Road. At the time of that transaction, industry analysts recognized it as a transformative moment for the digital asset sector. The acquisition made Ripple the first cryptocurrency-native company to fully own and operate a multi-asset prime broker, positioning the firm to capture institutional flows across diverse asset classes.
When the Hidden Road transaction was finalized, Ripple highlighted the impressive historical scale of the acquired business. Hidden Road was clearing approximately $3 trillion per year across various global markets, servicing a robust client base of more than 300 institutional customers. Company leadership maintained at the time that pairing Hidden Road’s established market infrastructure with Ripple’s substantial financial backing and technological resources would create a clear pathway toward becoming the largest nonbank prime broker in the world.
Building upon that strategic foundation, Ripple announced a major operational expansion in November of the previous year, debuting digital asset spot prime brokerage capabilities tailored specifically for the United States market. That launch involved the strategic combination of Ripple’s regulatory licenses with Hidden Road’s advanced technological and clearing solutions under the unified Ripple Prime banner. The integration was designed to enable institutional clients to seamlessly access a wide array of financial instruments, including traditional foreign exchange, emerging digital assets, complex derivatives, total return swaps, and fixed income products, all through a single, streamlined institutional counterparty.
As the financial markets continue to evolve, the integration of blockchain-based architecture with traditional prime brokerage services is proving to be a compelling proposition for alternative asset managers and institutional funds alike. By combining regulatory compliance with cross-asset flexibility, Ripple Prime continues to position itself at the center of this structural shift, offering sophisticated market participants the infrastructure needed to navigate both traditional and digital financial landscapes efficiently.
