By PYMNTS | October 7, 2026
Ripple has announced a major milestone in its ongoing expansion into institutional traditional finance, revealing that Ripple Prime will provide comprehensive multi-asset prime brokerage, clearing, and financing services to funds managed by global alternative investment manager Brevan Howard.
The agreement, highlighted in a press release issued by Ripple on Tuesday, October 6, represents a significant deepening of the relationship between the two entities. Ripple operates as a prominent provider of blockchain solutions spanning both traditional and digital finance, while Brevan Howard is widely recognized as a premier global alternative investment manager specializing in global macro strategies and digital assets. According to the announcement, the partnership reflects a surging, broader market demand from sophisticated investment managers for prime brokerage solutions that seamlessly span both traditional and digital asset markets while remaining fully regulated and enterprise-grade.
Industry observers note that this latest development underscores how cryptocurrency and blockchain infrastructure providers are steadily encroaching upon traditional Wall Street territory, historically dominated by legacy global banking institutions. In a report published Wednesday, October 7, The Wall Street Journal detailed how the partnership with Brevan Howard serves as a prime example of Ripple’s aggressive and successful push into the heart of mainstream financial markets.
Beyond traditional hedge fund services, Ripple has quietly emerged as a formidable player in the financing of leveraged exchange-traded funds, a lucrative and highly competitive business segment previously guarded by major Wall Street banks. According to the report, Ripple Prime is actively collaborating with several exchange-traded fund providers while simultaneously scaling its operations to encompass traditional hedge funds and other large-scale investment managers.
Noel Kimmel, president of Ripple Prime, emphasized the strategic importance of the firm’s evolving market position in comments provided to The Wall Street Journal. Kimmel noted that there are very few firms currently equipped to provide the next generation of sophisticated prime services that institutional investors have come to expect, adding that Brevan Howard’s decision to place its trust in Ripple Prime stands as clear recognition of the company’s robust competitive posture and expansive cross-asset capabilities. Kimmel further remarked that this segment of the business is experiencing rapid, meaningful growth, generating substantial enthusiasm within the firm regarding its future trajectory.
The foundation for Ripple Prime was laid last year through Ripple’s monumental $1.25 billion acquisition of Hidden Road, a prominent prime brokerage firm. At the time of the transaction, Ripple touted the acquisition as a watershed moment for the digital asset industry, making Ripple the first cryptocurrency company to own and operate a multi-asset prime broker. Company executives highlighted at the time that Hidden Road was actively clearing approximately $3 trillion per year across various global markets, serving more than 300 institutional customers. Ripple’s strategic backing was intended to position the platform to eventually become the largest nonbank prime broker in the world.
Building upon that acquisition, Ripple announced in November that it was officially launching digital asset spot prime brokerage capabilities tailored specifically for the United States market. The company successfully combined its proprietary regulatory licenses with the robust technological solutions developed by Hidden Road under the unified banner of Ripple Prime. This strategic consolidation was designed to empower institutional clients to access a diverse array of financial instruments, including foreign exchange, digital assets, derivatives, swaps, and fixed income products, all through a single, integrated institutional gateway.
As the lines between traditional financial markets and blockchain-based infrastructure continue to blur, agreements such as the one between Ripple Prime and Brevan Howard highlight a structural evolution in how global macro funds manage liquidity, clearing, and multi-asset financing. With institutional-grade regulatory compliance forming the cornerstone of these modern offerings, nonbank providers like Ripple are carving out an increasingly permanent and influential role within the global financial ecosystem.
