Global investment manager Brevan Howard will now use Ripple Prime, the crypto firm’s prime brokerage arm, for comprehensive prime brokerage, clearing, and financing services. The expanded partnership, announced on October 6, 2026, solidifies an already existing relationship between the two entities. This move integrates traditional and digital asset capabilities across Brevan Howard’s approximately $35 billion in managed assets.
The deal represents a significant step for both firms. Brevan Howard, an alternative investment manager, had previously invested in Ripple. This new agreement marks a transition from investor to operational client.
Expanding the Ripple Prime Brokerage Alliance
Investment management giant Brevan Howard has formally deepened its ties with blockchain payments firm Ripple, moving beyond a passive investment into a core operational role.
The alternative investment manager, which oversees approximately $35 billion for institutional clients including sovereign wealth funds and pension plans, announced on October 6, 2026, that it would leverage Ripple Prime for its multi-asset needs. This strategic decision highlights the increasing convergence of traditional finance and the evolving digital asset landscape.
Funds managed by Brevan Howard affiliates were among the key participants in Ripple’s substantial $500 million strategic investment round in November 2025. That round, which was led by affiliates of Fortress Investment Group and Citadel Securities, had valued Ripple at an impressive $40 billion. Other notable investors included Pantera Capital, Galaxy Digital, and Marshall Wace.
This prior financial commitment laid the groundwork for the current operational expansion.
Alan McGroarty, Group Chief Operating Officer of Brevan Howard, commented on the decision. He noted that Ripple had “built a differentiated platform” which his investment teams expect to offer “increased operational ease and capital efficiency.” This sentiment underscores the sophisticated requirements of a firm managing such vast sums and diverse strategies.
From Investor to Client
The transition from being a financial backer to a direct client for prime brokerage services marks a crucial evolution in their relationship. This suggests growing confidence in Ripple’s institutional offerings.
Brevan Howard, known for its global macro and digital asset strategies, will now utilize Ripple Prime for services spanning various asset classes, including foreign exchange, derivatives, fixed income, and other products. It also covers portfolio financing and risk-based margin financing, providing a unified platform.
This broad scope demonstrates a significant commitment to Ripple’s integrated financial ecosystem, particularly after its successful strategic investment round last year.
For Ripple, securing a mandate from a firm of Brevan Howard’s stature, with $35 billion in assets under management, is a strong validation of its prime brokerage unit. Noel Kimmel, President of Ripple Prime, emphasized this point. He stated that Brevan Howard’s trust reflects Ripple Prime’s “strong competitive position and cross-asset capabilities.”
This mutual benefit reinforces the growing synergy between established finance and the crypto sector.
Ripple Prime’s Growing Capabilities
Ripple Prime’s expansion into a comprehensive multi-asset prime broker stems from Ripple’s strategic acquisition of Hidden Road in April 2025. That $1.25 billion deal transformed a non-bank prime broker into Ripple’s institutional business unit, rapidly boosting its clearing, prime brokerage, and financing services. Ripple Prime now caters to over 300 institutional clients, processing more than $3 trillion annually across various markets.
The platform’s capabilities have seen considerable enhancements since the acquisition. In February, Ripple Prime integrated support for Hyperliquid, a decentralized derivatives exchange, broadening institutional access to on-chain liquidity. This integration reflects a commitment to connecting traditional financial services with innovative decentralized finance protocols.
Building Out the Platform
Ripple Prime has continued to fortify its operational infrastructure and product suite. In November 2025, it launched digital asset spot prime brokerage capabilities specifically for U.S.-based institutions. This offering included crucial over-the-counter (OTC) spot transactions for XRP and the RLUSD stablecoin, catering to the specific needs of the burgeoning digital asset market.
Further expansion came in August 2026, with the launch of its Delta One business. This new service provides institutional clients with total return swaps covering U.S.-listed equities, indices, and digital assets, solidifying its multi-asset focus.
Financial Backing and Ratings
To fuel its rapid growth, Ripple Prime has also secured substantial financial backing. In May, the firm arranged up to $200 million in debt financing from funds managed by Neuberger Specialty Finance, specifically earmarked for lending to Ripple Prime clients. This capital injection underscores the unit’s ambitious growth trajectory and its ability to attract significant institutional funding.
The unit’s financial robustness was further highlighted in August when it successfully closed an upsized $275 million private placement of senior unsecured notes. Credit rating agency KBRA assigned these notes a BBB investment-grade rating, signaling confidence in Ripple Prime’s financial stability and operational model.
Ripple Prime boasts over $1 billion in regulatory net capital, providing a solid foundation for its extensive range of services and underscoring its commitment to regulatory compliance and risk management in a complex market. Evaluating altcoin project valuation like this is critical for investors.
The Institutional Drive Towards Digital Assets
Brevan Howard’s decision to deepen its operational reliance on Ripple Prime reflects a broader trend among top-tier investment managers. These firms are increasingly seeking sophisticated, regulated, and enterprise-grade prime brokerage solutions that seamlessly bridge traditional and digital markets.
The demand stems from a need for enhanced capital efficiency and operational simplicity across increasingly complex portfolios that include diverse asset classes. This demand continues to shape the future of global finance, blurring the lines between conventional and crypto investments.
The move by Brevan Howard validates the importance of integrated platforms that can handle multi-asset strategies. As digital and traditional markets become more interconnected, the underlying infrastructure must evolve to support this convergence.
This partnership exemplifies how established financial institutions are actively incorporating digital assets into their mainstream operations, demanding the same level of security, reliability, and service they expect from traditional prime brokers. The need for comprehensive, cross-asset prime services is paramount for institutions navigating this evolving landscape.
Noel Kimmel of Ripple Prime articulated this shift, stating that Brevan Howard’s commitment reflects “a long-term commitment to shared success.” He noted Brevan Howard’s position “at the forefront of innovation across increasingly intertwined traditional and digital markets.” This underlines the strategic imperative for both parties to capitalize on the ongoing transformation of financial services.
Implications for the XRP Ecosystem
This expanded partnership has significant implications for the broader XRP ecosystem and Ripple’s strategic positioning. By providing multi-asset prime brokerage services that explicitly include support for XRP and the RLUSD stablecoin, Ripple Prime is cementing XRP’s role within institutional finance.
This direct integration within a platform used by a $35 billion asset manager like Brevan Howard offers substantial legitimacy and utility for the digital asset. It paves the way for further institutional adoption and deeper liquidity for XRP.
The deal reinforces Ripple’s strategy to move beyond its core cross-border payments solutions and establish itself as a central infrastructure provider for the institutional Wall Street market. The integration of traditional assets alongside digital ones on Ripple Prime’s platform showcases a forward-thinking approach.
This approach aims to capture a larger share of the evolving financial services market, ultimately benefiting the utility and recognition of XRP. The continuous development of such institutional infrastructure is essential for the long-term growth and stability of digital assets.
This development could also signal increasing confidence in the regulatory clarity surrounding XRP, particularly as more institutional players engage with Ripple’s offerings. The shift from an investor to an operational client by Brevan Howard sends a powerful message to the market.
It suggests that major financial players are becoming more comfortable integrating XRP-related services into their core business models, potentially influencing broader market sentiment and investment strategies around XRP. This is a critical step, especially given the recent surge in XRP merger activities.
What Lies Ahead for Ripple Prime
The Brevan Howard agreement positions Ripple Prime for continued growth and heightened competition within the prime brokerage sector. With over $1 billion in regulatory net capital and an investment-grade rating from KBRA, the unit is well-equipped to attract more institutional clients.
Its ability to clear over $3 trillion annually for its existing 300+ institutional customers demonstrates proven capability and scale. This operational capacity is a significant draw for other large investment firms.
Future developments for Ripple Prime will likely focus on further expanding its cross-asset capabilities and global reach. The firm’s Delta One business, which already includes total return swaps on U.S.-listed equities and indices alongside digital assets, represents a key growth area. Continued innovation in financial products and the integration of emerging technologies will be crucial for maintaining its competitive edge.
The competitive landscape for crypto prime brokerage remains robust, with players like FalconX, Coinbase Prime, and Kraken Prime vying for market share. However, Ripple Prime’s unique positioning, bolstered by its parent company’s blockchain expertise and a strong balance sheet, gives it a distinct advantage.
The success of partnerships like the one with Brevan Howard will be instrumental in solidifying Ripple Prime’s standing as a leading institutional service provider in the convergent traditional and digital finance markets.