Ripple launches delta one business for institutional clients, taking aim at Goldman Sachs and JPMorgan

Ripple Prime, the prime-brokerage arm of Ripple, launched a Delta One business on August 27 that lets institutional clients trade total return swaps on US-listed equities, equity indices, and digital assets. The move puts Ripple squarely in competition with the Delta One desks at Goldman Sachs, JPMorgan, and other Wall Street heavyweights. Ripple Prime is the product of Ripple’s $1.25 billion acquisition of Hidden Road, completed in October 2025, which gave the crypto-native company a fully operational prime brokerage with roots in traditional finance. What Ripple Prime is actually offering Total return swaps let an institutional client receive all the economic benefits (or losses) of owning a basket of equities while the counterparty handles custody, settlement, and financing. Hedge funds, asset managers, and ETF issuers are the target customers. Ripple Prime is pitching a single counterparty relationship that spans foreign exchange, derivatives, fixed income, equities, and digital assets. The platform also offers 24/7 cross-margining, meaning collateral posted against one position can offset margin requirements in another, even across traditional and digital asset portfolios. Rip...