Ripple and global alternative investment manager Brevan Howard have expanded their relationship, with Ripple Prime set to provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds.
The companies announced the expanded agreement on October 6, 2026. Under the agreement, Brevan Howard will have access to prime services across traditional and digital markets through Ripple Prime.
The arrangement gives Brevan Howard access to brokerage, clearing and financing services across multiple asset classes through a single platform.
What Ripple Prime Will Provide Brevan Howard
Prime brokerage services are designed to support institutional investors with functions such as trade execution, clearing, financing and risk management.
Ripple Prime provides these services across digital assets and traditional markets, including foreign exchange, derivatives, fixed income and other products. Ripple Prime also offers portfolio financing and risk-based margin financing.
Noel Kimmel, President of Ripple Prime, said:
“Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities.”
Kimmel added that the expanded relationship reflects a long-term commitment between the two firms.
Alan McGroarty, Group COO of Brevan Howard, said the growing connection between digital and traditional markets is increasing the need for institutional digital asset infrastructure.
“Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency.”
The companies did not disclose the financial terms of the expanded agreement.
Ripple Prime Was Built From Hidden Road
Ripple Prime was created after Ripple completed its acquisition of Hidden Road in 2025. Hidden Road was a non-bank prime broker that provided clearing, prime brokerage and financing services across markets including foreign exchange, digital assets, derivatives, swaps and fixed income. Following the acquisition, Hidden Road became Ripple Prime.
Ripple has since expanded the platform’s capabilities. In August 2026, Ripple Prime launched its Delta One business, allowing institutional clients to access total return swaps across U.S.-listed equities, indices and digital assets. Its existing services include prime brokerage, clearing and financing across FX, derivatives, fixed income and digital assets.
Ripple Prime currently says it serves more than 300 institutional customers and clears more than $3 trillion annually across markets. Its platform also supports cross-margining and risk-based margin financing across multiple asset classes.
Brevan Howard Already Invested in Ripple
The expanded agreement builds on an existing financial relationship between the two companies.
Funds managed by affiliates of 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. Ripple was valued at $40 billion in the transaction.
The latest agreement therefore extends an existing relationship between Ripple and one of the institutional investors that participated in its 2025 funding round.
Why the Agreement Matters for Institutional Markets
The deal expands Ripple Prime’s relationship with an investment manager that operates across global macro and digital asset strategies.
For Brevan Howard, access to multi-asset prime brokerage, clearing and financing can provide infrastructure for managing positions across traditional and digital markets. For Ripple, the agreement adds another institutional relationship to its prime brokerage business.
Ripple has been expanding its financial infrastructure beyond payments. Its business now includes payments, custody, stablecoins, treasury management and prime brokerage, with XRP and RLUSD forming part of its broader digital-asset offering.
XRP and RLUSD Not Specifically Mentioned
The announcement does not state that Brevan Howard will use XRP or RLUSD as part of the expanded prime brokerage agreement.
Ripple says XRP and RLUSD underpin parts of its broader financial infrastructure, but the companies did not disclose whether either asset will be used by Brevan Howard under the new arrangement.
As a result, the agreement should not be interpreted as a direct announcement of new XRP purchases or increased XRP usage by Brevan Howard.
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