Ripple Expands Prime Brokerage for Brevan Howard

Ripple and Brevan Howard Deepen Partnership with Expanded Prime Brokerage Services

Ripple and global alternative investment manager Brevan Howard have significantly expanded their existing relationship, with Ripple Prime set to offer comprehensive multi-asset prime brokerage, clearing, and financing services to Brevan Howard funds.

The companies announced the enhanced agreement on October 6, 2026. Under the terms of the new arrangement, Brevan Howard will gain access to prime services spanning both traditional and digital markets through Ripple Prime’s integrated platform. This provides Brevan Howard with a single point of access for brokerage, clearing, and financing across a diverse range of asset classes.

Prime brokerage services are specifically designed to support institutional investors by facilitating functions such as trade execution, clearing, financing, and risk management. Ripple Prime extends these capabilities across digital assets and traditional markets, encompassing foreign exchange, derivatives, fixed income, and other financial products. The platform also offers specialized portfolio financing and risk-based margin financing solutions.

Noel Kimmel, President of Ripple Prime, highlighted the significance of the expanded partnership. “Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities,” Kimmel stated, adding that the deepened relationship signifies a long-term commitment between the two firms.

Alan McGroarty, Group COO of Brevan Howard, commented on the evolving market landscape. “The growing connection between digital and traditional markets is increasing the need for institutional digital asset infrastructure,” McGroarty said. “Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency.”

The financial terms of the expanded agreement were not disclosed by either company.

Ripple Prime was established following Ripple’s acquisition of Hidden Road in 2025. Hidden Road, a non-bank prime broker, provided clearing, prime brokerage, and financing services across various markets, including foreign exchange, digital assets, derivatives, swaps, and fixed income. Post-acquisition, Hidden Road was rebranded as Ripple Prime.

Since then, Ripple has continued to enhance the platform’s offerings. In August 2026, Ripple Prime launched its Delta One business, enabling institutional clients to access total return swaps for U.S.-listed equities, indices, and digital assets. The platform’s existing services already cover prime brokerage, clearing, and financing across FX, derivatives, fixed income, and digital assets. Ripple Prime currently reports serving over 300 institutional customers and clearing more than $3 trillion annually across markets. Its platform also supports cross-margining and risk-based margin financing across multiple asset classes.

This latest agreement builds upon an established financial relationship between Ripple and Brevan Howard. Funds managed by affiliates of Brevan Howard were participants in Ripple’s $500 million strategic investment round in 2025. That funding round was led by affiliates of Fortress Investment Group and Citadel Securities, with notable participation from Brevan Howard, Pantera Capital, Galaxy Digital, and Marshall Wace. Ripple was valued at $40 billion during that transaction.

The current deal therefore extends an existing relationship between Ripple and one of the key institutional investors that supported its 2025 funding initiative. The agreement further solidifies Ripple Prime’s engagement 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 offers crucial infrastructure for managing positions across both traditional and digital market arenas. For Ripple, the agreement represents a significant addition to its prime brokerage business, bringing on another prominent institutional client.

Ripple has been actively expanding its financial infrastructure beyond its core payments business. Its current offerings now encompass payments, custody, stablecoins, treasury management, and prime brokerage, with XRP and RLUSD integrated as part of its broader digital asset ecosystem.

The announcement does not specify whether Brevan Howard will utilize XRP or RLUSD as part of this expanded prime brokerage agreement. Ripple states that XRP and RLUSD underpin aspects of its broader financial infrastructure, but the companies have not disclosed if Brevan Howard will employ either asset under the new arrangement. Consequently, this agreement should not be interpreted as a direct announcement of new XRP purchases or increased XRP usage by Brevan Howard.