Ripple's prime brokerage arm will provide multi-asset prime brokerage, clearing and financing for Brevan Howard funds. The arrangement spans traditional and digital assets.
Crypto · FinancialMarkets.com · October 6, 2026 · Tickers: XRP
One of the largest macro hedge fund managers has hired a crypto company's brokerage arm to handle some of its trading.
Ripple said Tuesday that Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, which oversees about $35 billion. Prime brokers sit between hedge funds and markets, lending money and securities, clearing trades and holding collateral.
The relationship
Brevan Howard is not a new name to Ripple. Funds affiliated with the firm took part in Ripple's $500 million strategic investment in 2025. The new arrangement turns a shareholder into a client.
That connection cuts both ways for investors evaluating the deal. A large, established fund manager choosing a crypto-owned prime broker is a credibility marker for a business that Ripple has been building outside its XRP token. It is also a related-party relationship, which makes it harder to judge how much the deal reflects Ripple Prime's competitiveness on its own merits.
How Ripple Prime was built
Ripple Prime grew out of Ripple's $1.25 billion acquisition of Hidden Road, a prime broker. It launched U.S. equity swaps in August, and on Aug. 18 it issued $275 million of senior notes, rated BBB by Kroll Bond Rating Agency. The Brevan Howard agreement covers traditional and digital assets, which positions Ripple Prime alongside bank prime brokers rather than only crypto-native ones.
Scope
The size of the relationship, and whether Ripple Prime replaces or adds to Brevan Howard's existing prime brokers, will become clearer as the business reports. Nothing in the announcement links the deal to XRP.
XRP traded near $1.51 on Tuesday afternoon, up about 0.2%.
Two readings
One reading is that a crypto-owned firm winning a major macro manager shows Ripple Prime can compete for institutional business on traditional terms, diversifying Ripple's revenue away from its token.
Another reading is that a shareholder becoming a client is a natural first step that says little about whether unaffiliated funds will follow.
The next client
An announcement of a large client with no investment ties to Ripple would be the clearest test. Any disclosure of Ripple Prime's revenue or financing balances, including through its rated debt, would show the scale the business has reached.