Ripple Prime to provide prime brokerage to $35 billion hedge fund Brevan Howard

Ripple said on Oct. 6 that Ripple Prime, its institutional prime brokerage arm, will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, an alternative investment manager with about $35 billion in assets, under an expanded agreement between the two firms. Prime brokerage bundles trade execution, securities and cash lending, and settlement for large investors such as hedge funds.

From investor to client

Brevan Howard specializes in global macro and digital assets. It manages about $35 billion for institutional investors including sovereign wealth funds, pension plans, foundations and endowments, and has approximately 1,000 team members in offices including Abu Dhabi, London, New York, Singapore and Tokyo.

The relationship predates the new deal. On Nov. 5, 2025, Ripple announced a $500 million strategic investment led by funds managed by affiliates of Fortress Investment Group and affiliates of Citadel Securities, valuing the company at $40 billion. Pantera Capital, Galaxy Digital and Marshall Wace also took part, along with funds managed by Brevan Howard affiliates. Ripple said at the time that the round followed a $1 billion tender offer at the same valuation. In its Oct. 6 release, Ripple said the expanded relationship builds on Brevan Howard's existing support, and that it reflects growing demand from top-tier investment managers for prime brokerage across traditional and digital markets within a regulated framework.

"As digital and traditional markets become more interconnected, the need for institutional-quality digital asset infrastructure that enables a seamless experience for investors is only growing."

Alan McGroarty, Group COO of Brevan Howard

McGroarty said Ripple's platform is expected to give Brevan Howard's investment teams increased operational ease and capital efficiency. "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," said Noel Kimmel, president of Ripple Prime.

Built on the Hidden Road deal

Ripple Prime started life as Hidden Road, a non-bank prime broker. Ripple agreed in April 2025 to buy Hidden Road for $1.25 billion, completed the deal on Oct. 24, 2025, and renamed the business Ripple Prime. Ripple said the purchase made it the first crypto company to own and operate a global, multi-asset prime broker. Ripple Prime covers foreign exchange, digital assets, derivatives, swaps and fixed income.

When it closed the acquisition in October 2025, Ripple said the business had grown threefold since the deal was announced. On Nov. 3, 2025, it launched OTC spot trading in dozens of digital assets, including XRP and its RLUSD stablecoin, for U.S. institutional clients. On Feb. 4, 2026, it announced support for the decentralized derivatives exchange Hyperliquid, allowing institutional clients to cross-margin onchain derivatives alongside FX, fixed income and other positions. According to The Block, Ripple Prime secured a $200 million debt facility from Neuberger Berman in May to expand margin lending. Ripple said at the close of the Hidden Road deal that RLUSD was being used as collateral for some prime brokerage products. The Oct. 6 release does not say whether XRP or RLUSD will be used in the Brevan Howard arrangement.

XRP at 2,001 won on Upbit, kimchi premium near 1.3%

At about 3:30 p.m. KST on Oct. 7, the day after the announcement, XRP traded at 2,001 won on Upbit's Korean won market, down 1.38% from the previous close. It was 2,003 won on Bithumb. On Binance, XRP was at $1.4746, down 1.36% over 24 hours.

Binance's price converted to won by Coinyong's price feed was about 1,974 won, putting the kimchi premium (the gap between prices on Korean exchanges and global markets) at about 1.35% on Upbit. The most recent settled funding rate on Binance's XRP perpetual futures was -0.0012%, meaning short positions were paying a small amount to longs. On Upbit, XRP's 52-week high was 4,158 won on Oct. 9, 2025, and its low was 1,392 won on Aug. 18, 2026.