Key facts
- Ripple Prime, the brokerage unit of Ripple, has launched a delta one business.
- The service enables institutional investors to gain synthetic equity exposure to US stocks and indexes.
- This expansion moves Ripple Prime into equity markets, broadening its offerings beyond crypto, FX, derivatives, and fixed income.
- The firm recently closed a $275 million private placement of senior unsecured notes to fund its business expansion.
- Ripple aims to create a unified platform for traditional finance and the crypto industry.
Ripple Prime, the institutional brokerage arm of crypto infrastructure firm Ripple, has launched a delta one business, enabling clients to trade synthetic equity exposure in US stocks and indexes. This strategic expansion moves Ripple Prime into equity markets, broadening its offerings beyond its existing services in crypto, FX, derivatives, and fixed income. The firm aims to bridge traditional finance (TradFi) and the digital asset industry on a single platform.
Noel Kimmel, president of Ripple Prime, stated that the new offering is designed for market participants such as hedge funds, market makers, and ETF issuers. The launch allows investors to execute total return swaps on US stocks, indexes, and crypto assets without directly holding the underlying shares.
This expansion follows Ripple Prime's recent closure of an upsized $275 million private placement of senior unsecured notes. The firm indicated strong demand from institutional investors for this offering, with plans to invest the capital into its team and technology to bolster its position as a leading non-bank prime broker globally.
In parallel, the XRP cryptocurrency saw a price rebound of nearly 5% over the past 24 hours, trading around $1.43. Spot XRP ETFs experienced significant inflows totaling $28.14 million on Wednesday, with Bitwise, Franklin, and Canary ETFs leading the surge. XRP futures open interest also saw a slight increase, reaching $3.50 billion, though derivatives traders remain cautious ahead of monthly options expiry.