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Ripple says its prime brokerage unit will provide multi-asset brokerage, clearing and financing services to funds managed by Brevan Howard. The deal adds a major alternative investment manager to Ripple Prime’s institutional client base, though financial terms and the services’ start date have not been disclosed.

Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, Ripple said in a Tuesday, Oct. 6, announcement. The agreement expands Ripple’s work with institutional investors and links its brokerage business with a global alternative investment manager active in global macro and digital assets.

Ripple described the agreement as a deepening of its relationship with Brevan Howard. The services will cover multiple asset classes, but the announcement did not specify which Brevan Howard funds will use them, when service will begin, or the scale of the business. Financial terms were not disclosed.

Ripple Prime President Noel Kimmel said Brevan Howard’s decision reflected the firm’s capabilities across asset classes. “There are few firms equipped to provide the next generation of prime services that sophisticated investors expect, and Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities,” Kimmel said in Ripple’s release.

The Wall Street Journal characterized the deal as an example of Ripple’s expansion into Wall Street. It reported that Ripple Prime is working with several providers of leveraged exchange-traded funds and is seeking to broaden its business with hedge funds and other investment managers. Those details describe Ripple’s wider commercial activity, rather than terms specific to the Brevan Howard agreement.

Ripple’s Push Into Institutional Finance

The deal gives Ripple Prime a higher-profile connection to institutional asset management and adds to its efforts to serve clients across traditional and digital markets. Prime brokers typically provide services such as financing, trade clearing and access to markets, making their role relevant to firms that need to manage positions across different assets. The announcement signals a commercial relationship, but it does not disclose expected revenue, transaction volumes, or the degree to which Brevan Howard will rely on Ripple Prime.

Ripple’s broader opportunity is to compete for business in a market where established banks have historically played a major role. The Wall Street Journal reported that Ripple is involved in financing leveraged ETF providers, which it described as a lucrative business dominated by large banks. Kimmel told the newspaper that this activity was a growing and meaningful part of Ripple’s business. His comment is a company executive’s characterization; no revenue figures or market-share data were provided.

For readers tracking the overlap between digital-asset firms and conventional finance, the agreement is a sign of Ripple’s attempt to sell services to established investment managers, not just to participate in cryptocurrency markets. Whether that approach produces a durable position among prime brokers remains to be seen.

How Ripple Built Its Prime Brokerage

Ripple Prime grew out of Ripple’s $1.25 billion acquisition of prime brokerage Hidden Road, completed the previous year, according to the Wall Street Journal. At the time, Ripple said the acquisition made it the first cryptocurrency company to own and operate a multi-asset prime broker. That description is Ripple’s claim, not an independently established ranking in the material available.

Ripple also said Hidden Road was clearing $3 trillion per year across markets and had more than 300 institutional customers. Those figures were company-reported measures at the time of the acquisition; they do not establish current activity or the size of the Brevan Howard business. Ripple said its backing could help Hidden Road become the world’s largest nonbank prime broker, a stated ambition rather than a confirmed outcome.

In November, Ripple announced digital-asset spot prime brokerage capabilities for the U.S. market. It said Ripple Prime combined its licenses with Hidden Road’s solutions to give institutions access to foreign exchange, digital assets, derivatives, swaps and fixed income. The Brevan Howard announcement extends that institutional-service narrative, while leaving the deal’s specific products and implementation details unstated.

“There are few firms equipped to provide the next generation of prime services that sophisticated investors expect, and Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities.”

— Noel Kimmel, Ripple Prime president

Deal Scope and Timing Not Disclosed

The announcement does not identify the funds covered, the launch date, the expected volume of activity, or the agreement’s financial terms. It also does not say whether Brevan Howard will use every service listed or how the arrangement will be structured across traditional and digital assets. No public comment from Brevan Howard is included in the announcement details provided.

Ripple’s earlier figures for Hidden Road’s clearing activity and institutional customers relate to the period when Ripple announced the acquisition, not to current performance. The available information does not establish how those figures have changed, how much business the new agreement may generate, or whether Ripple Prime has gained market share against established bank providers.

Details to Watch as Services Begin

The next concrete developments would be confirmation of when Ripple Prime begins serving the Brevan Howard funds and which services they will use. Further disclosures could clarify whether the arrangement covers specific products or markets, and whether either firm reports activity or commercial results tied to the relationship.

For now, the announcement establishes that Ripple Prime has secured a services agreement with Brevan Howard, but not its operational scale or financial impact. Any assessment of the deal’s importance will depend on details the firms have not yet made public, as well as evidence of how Ripple’s wider push into ETF financing and institutional brokerage progresses.

Source: rss

Key Questions

What did Ripple announce?

Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard.

When was the agreement announced?

Ripple announced the agreement on Tuesday, Oct. 6, 2026. The Wall Street Journal reported on it the following day.

What are the financial terms of the deal?

The firms have not disclosed financial terms, expected transaction volumes or the agreement’s expected revenue.

What is Ripple Prime?

Ripple Prime is Ripple’s multi-asset prime brokerage business, created after Ripple acquired Hidden Road. Ripple says its services span areas including foreign exchange, digital assets, derivatives, swaps and fixed income.

Does the deal confirm Ripple’s position in the prime brokerage market?

No. The agreement confirms a relationship with Brevan Howard, but the available details do not establish Ripple Prime’s market share or ranking among prime brokers.

Source: rss