Ripple has expanded its relationship with global alternative investment management firm Brevan Howard, with Ripple Prime providing multi-asset prime brokerage, clearing, and financing services for Brevan Howard’s funds.
The expanded agreement was announced by the two companies on October 6, 2026. Under the agreement, Brevan Howard will receive prime brokerage services covering both traditional and digital markets through Ripple Prime.
This arrangement enables Brevan Howard to access brokerage, clearing, and financing services across multiple asset classes through a single platform.
What will Ripple Prime provide to Brevan Howard?
Prime brokerage services are designed to provide institutional investors with support functions such as trade execution, clearing, financing, and risk management.
Ripple Prime offers services covering digital assets and traditional markets, including foreign exchange, derivatives, fixed income, and other products. Ripple Prime also provides portfolio financing and risk-based margin financing.
Noel Kimmel, President of Ripple Prime, said:
Brevan Howard’s trust in Ripple Prime reflects our strong competitive position and cross-asset capabilities.
Kimmel added that the expansion of the relationship reflects the long-term commitment both companies have to their collaboration.
Alan McGroarty, Chief Operating Officer of Brevan Howard, said that the growing connection between digital and traditional markets is increasing demand for institutional digital asset infrastructure.
Ripple has built a differentiated platform, which we expect to enhance operational convenience and capital efficiency for our investment team.
The two companies did not disclose the financial terms of the extended agreement.
Ripple Prime originates from Hidden Road
Ripple Prime was established after Ripple completed its acquisition of Hidden Road in 2025. Hidden Road is a non-bank prime broker offering clearing, prime brokerage, and financing services across markets including foreign exchange, digital assets, derivatives, swaps, and fixed income. Following the acquisition, Hidden Road was renamed Ripple Prime.
Subsequently, Ripple continued to expand the platform’s capabilities. In August 2026, Ripple Prime launched its Delta One business, enabling institutional clients to access total return swaps covering U.S.-listed equities, indices, and digital assets. Its existing services include prime brokerage, clearing, and financing for foreign exchange, derivatives, fixed income, and digital assets.
Ripple Prime currently serves over 300 institutional clients and clears more than $3 trillion annually across various markets. The platform also supports cross-margin and risk-based margin financing across multiple asset classes.
Brevan Howard has invested in Ripple.
This expanded agreement builds on the existing financial relationship between the two companies.
Funds associated with Brevan Howard participated in Ripple’s $500 million strategic investment round in 2025. The round was led by affiliates of Fortress Investment Group and Citadel Securities, with participation from Brevan Howard, Pantera Capital, Galaxy Digital, and Marshall Wace. At the time of the transaction, Ripple was valued at $40 billion.
Therefore, the latest protocol continues the existing relationship between Ripple and an institutional investor that participated in its 2025 funding round.
What does this protocol mean for the institutional market?
This transaction expands Ripple Prime’s partnership with an investment management firm that employs both global macro and digital asset strategies.
For Brevan Howard, access to multi-asset prime brokerage, clearing, and financing services provides the infrastructure needed to manage positions in both traditional and digital markets. For Ripple, this agreement adds another institutional relationship to its prime brokerage business.
Ripple has been expanding its financial infrastructure beyond payments. Its offerings now include payments, custody, stablecoins, fund management, and prime brokerage, with XRP and RLUSD also part of its broader digital asset portfolio.
XRP and RLUSD are not specifically mentioned in the text.
The announcement did not specify whether Brevan Howard will use XRP or RLUSD under the expanded prime brokerage agreement.
Ripple stated that XRP and RLUSD support components of its broader financial infrastructure, but neither company disclosed whether Brevan Howard will use either of these assets under the new arrangement.
Therefore, this agreement should not be interpreted as a direct announcement of Brevan Howard purchasing additional XRP or increasing its use of XRP.
Source attribution
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