Ripple and Brevan Howard have strengthened their partnership by expanding Ripple Prime to offer multi-asset prime brokerage, clearing, and financing services to Brevan Howard funds.
The expanded agreement was announced on October 6, 2026. This agreement grants Brevan Howard access to prime services across both traditional and digital markets through Ripple Prime.
Brevan Howard will benefit from brokerage, clearing, and financing services across various asset classes via a single platform.
What Ripple Prime Will Provide Brevan Howard
Prime brokerage services encompass trade execution, clearing, financing, and risk management to support institutional investors.
Ripple Prime extends these services to digital assets and traditional markets, such as foreign exchange, derivatives, fixed income, and more. It also offers portfolio financing and risk-based margin financing.
Noel Kimmel, President of Ripple Prime, stated:
“Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities.”
Kimmel emphasized that the enhanced relationship signifies a long-term commitment between the two entities.
Alan McGroarty, Group COO of Brevan Howard, highlighted the rising convergence between digital and traditional markets, underscoring 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.”
Financial terms of the expanded agreement were not disclosed by the companies.
Ripple Prime Was Built From Hidden Road
Ripple Prime originated from Ripple’s acquisition of Hidden Road in 2025. Hidden Road, a non-bank prime broker, offered clearing, prime brokerage, and financing services across various markets, including foreign exchange, digital assets, derivatives, swaps, and fixed income. Following the acquisition, Hidden Road transformed into Ripple Prime.
Ripple has since expanded the platform’s capabilities. In August 2026, Ripple Prime introduced its Delta One business, enabling institutional clients to access total return swaps covering U.S.-listed equities, indices, and digital assets. Its existing services encompass prime brokerage, clearing, and financing across FX, derivatives, fixed income, and digital assets.
Ripple Prime currently serves over 300 institutional clients and clears more than $3 trillion annually across markets. The platform also supports cross-margining and risk-based margin financing across multiple asset classes.
Brevan Howard Already Invested in Ripple
The expanded agreement builds upon an existing financial relationship between the two companies.
Funds managed by Brevan Howard affiliates participated in Ripple’s $500 million strategic investment round in 2025. The round was led by Fortress Investment Group and Citadel Securities affiliates, with contributions from Brevan Howard, Pantera Capital, Galaxy Digital, and Marshall Wace. Ripple was valued at $40 billion during the transaction.
Therefore, the latest agreement extends the relationship between Ripple and one of the institutional investors involved in its 2025 funding round.
Why the Agreement Matters for Institutional Markets
This agreement expands Ripple Prime’s association with an investment manager engaged in global macro and digital asset strategies.
For Brevan Howard, access to multi-asset prime brokerage, clearing, and financing can furnish infrastructure for managing positions across traditional and digital markets. As for Ripple, the agreement adds another institutional relationship to its prime brokerage business.
Ripple has broadened its financial infrastructure beyond payments, now encompassing payments, custody, stablecoins, treasury management, and prime brokerage, with XRP and RLUSD forming part of its wider digital asset offering.
XRP and RLUSD Not Specifically Mentioned
The announcement does not specify whether Brevan Howard will utilize XRP or RLUSD in the expanded prime brokerage agreement.
While Ripple states that XRP and RLUSD underpin aspects of its broader financial infrastructure, the companies did not reveal if either asset will be utilized by Brevan Howard under the new arrangement.
Therefore, 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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