Ripple just published a whitepaper diagnosing why institutional crypto still feels clunky compared to traditional finance. The diagnosis is specific and worth understanding. 📰 TLDR: Crypto needs a prime brokerage model to consolidate counterparty risk and net settlement, not just better exchanges. ⁉️ What happened: ✅ Ripple argues current crypto market forces institutions to juggle multiple exchanges, bilateral relationships, and siloed collateral ✅ They propose a Digital Prime Broker model where one firm acts as central counterparty, netting trades T+1 style ✅ XRP Ledger could provide early settlement through onchain credit lines, but that's infrastructure, not the main point 🏆 Why it matters: ✅ Current gross settlement means a trader buying 100 BTC and selling 80 moves the full 180 across venues instead of settling just 20 net ✅ Hidden financing costs run about 11% on bilateral OTC trades, buried in spreads instead of transparent ✅ This isn't about XRP adoption, it's about whether institutions will demand better plumbing Follow if you want to understand what institutional crypto infrastructure actually needs.