Ripple Prime

What Ripple Prime does

Ripple Prime is a multi-asset, non-bank prime brokerage platform serving institutional investors across both traditional and digital asset markets, operating as a wholly-owned subsidiary of Ripple Labs Inc. following Ripple's $1.25 billion acquisition of Hidden Road announced in April 2025 and closed on October 25, 2025. The platform offers clearing, cross-margining, financing, OTC spot trading, swaps, and derivatives across equities, fixed income, FX, and cryptocurrencies through a unified credit line, with the underlying technology integrating FINRA-licensed broker-dealer infrastructure, DTCC/NSCC clearing directory access, and real-time risk management systems. Ripple Prime holds a broad regulatory footprint including FINRA broker-dealer status, NYDFS Limited Purpose Trust Charter, FCA authorization in the UK (firm reference 828692), MiCAR compliance in the Netherlands, and a KBRA BBB investment-grade issuer rating assigned in April 2026.

The platform serves 300+ institutional clients spanning hedge funds, banks, fintechs, exchanges, and DeFi liquidity venues, with named relationships including BNY Mellon, BBVA Switzerland, Bullish, CME Group, LMAX Group, and Hyperliquid. Revenue is generated through margin financing interest, OTC spot trading commissions, clearing and FCM fees, RLUSD stablecoin margin/collateral economics, and FINRA-regulated broker-dealer services, with pricing offered on a quote-based institutional basis under multi-year contracts. Ripple Prime's go-to-market combines direct enterprise sales targeting institutional clients with technology integration partnerships that position the platform as a multi-tenant prime brokerage layer (CROSSx, CME FCM, OKX, Bullish, Hyperliquid).

Post-acquisition, Ripple Prime has tripled in size, doubled client collateral, surpassed 60 million average daily transactions, achieved profitability in 2025, and secured $500 million in capital from Ripple Labs plus a $200 million asset-based debt facility from Neuberger Specialty Finance to expand margin lending capacity. Hidden Road's pre-acquisition annual volume exceeded $3 trillion, and the platform processes transactions across dozens of digital assets including XRP, RLUSD, Bitcoin, Ethereum, and Solana. Ripple Prime sits within Ripple's broader institutional digital asset stack alongside Ripple Payments, Ripple Custody, RLUSD, Ripple Treasury Management, and Ripple Tokenization.

Name

Ripple Prime

Legal name

Hidden Road Partners CIV US LLC

Website

https://ripple.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

101–250 employees

Short description

Ripple Prime is a multi-asset, non-bank prime brokerage platform serving 300+ institutional clients with cross-asset clearing, margin financing, and OTC trading across traditional and digital markets, operating as a wholly-owned subsidiary of Ripple Labs.

Ownership category

akta.pro rank

Product category

Institutional Prime Brokerage

NAICS

Other Financial Vehicles (52599)

SIC

Finance Services (6199)

akta.pro primary industry

Prime Brokerage & Institutional Trading Services (FSAPADAF)

akta.pro secondary industry

Prime Financing & Credit Intermediation (Institutional) (FSADAJAH)

Keywords

• Institutional prime brokerage
• Multi-asset clearing
• Cross-margining services
• Digital asset financing
• OTC spot trading

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Margin financing interest: Revenue from extending margin loans and asset-based lending to hedge funds and institutional clients, supported by the $200M debt facility from Neuberger Specialty Finance.
2. OTC spot trading commissions: Commission-based revenue from OTC spot transactions in digital assets (XRP, RLUSD, BTC, ETH, SOL and others) executed through the prime brokerage platform.
3. Digital asset swaps prime brokerage: Fee-based revenue from OTC digital asset swaps intermediation services for institutional clients.
4. Clearing and financing fees: Revenue from serving as a Futures Commission Merchant and clearing/financing partner for CME Group's 24/7 crypto futures and other institutional venues.
5. Stablecoin margin and collateral fees: Revenue associated with the use of RLUSD as collateral/margin across Ripple Prime's institutional venues and partner exchanges.
6. Brokerage and dealer services revenue: Revenue from FINRA-regulated broker-dealer activities including fixed income and capital markets intermediation, with profitability achieved in 2025.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Ripple Prime is a multi-asset, non-bank prime brokerage platform providing institutional clients with clearing, cross-margining, financing, OTC spot trading, swaps, derivatives, and real-time risk management across traditional and digital asset markets. The platform serves 300+ institutional clients including hedge funds, banks, and fintechs, processing over $3 trillion in annual volume under a unified cross-asset credit line.

Product overview

Ripple Prime is the core product in focus: a multi-asset prime brokerage platform (formerly Hidden Road, rebranded after Ripple's $1.25B acquisition in October 2025) that offers clearing, cross-margining, financing, spot OTC trading, swaps, and derivatives for institutional clients across both traditional and digital asset markets. It sits within Ripple's broader platform-plus-modules architecture: Ripple Prime is the institutional brokerage arm, complemented by sibling modules including Ripple Payments (cross-border payments), Ripple Custody (digital asset custody), RLUSD (compliance-first stablecoin used as collateral across Ripple Prime venues), Ripple Treasury Management (corporate treasury, formerly GTreasury), and Ripple Tokenization (onchain real-world assets via the XRP Ledger). Together these products form a unified institutional digital asset infrastructure stack.

Differentiator

Problem solved

Functional benefit

Products and services

• Ripple Prime Multi-Asset Prime Brokerage Multi-asset, non-bank prime brokerage platform (formerly Hidden Road) offering clearing, financing, cross-margining, spot OTC trading, swaps, derivatives, and risk-based financing across traditional and digital asset markets for 300+ institutional clients.
• Ripple Prime US Spot Prime Brokerage US institutional OTC spot trading service covering dozens of digital assets including XRP, RLUSD, Bitcoin, Ethereum, and Solana, with margin trading for derivatives, FX, swaps, and fixed income solutions.
• Ripple Prime Digital Asset Swaps Prime Brokerage OTC swaps execution service in digital assets for institutional clients, enabling credit intermediation and prime brokerage for the US market.

Quantifiable outcome

• Revenue tripled year over year since Ripple acquisition (2025-2026)
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

17 partnerships are on record, tiered flagship, core and minor.

• CME GroupflagshipStrategic or Co-development Partner · 1 June 2026Ripple Prime serves as a day-one clearing and financing partner (Futures Commission Merchant) for CME Group's 24/7 cryptocurrency futures and options trading launched on May 29, 2026. The launch also included Bitcoin Volatility futures, with Ripple Prime supporting continuous access alongside Robinhood Markets and Wedbush Securities.
• SWIFTflagshipStrategic or Co-development Partner · 20 May 2026Ripple Treasury (formerly GTreasury) was listed as a SWIFT Certified Partner on the Business Solutions Providers Directory, confirming ISO 20022 compliance. Ripple also provides On-Demand Liquidity to some SWIFT banks through an integration with Thunes reaching 11,500 SWIFT-compliant banks.
• Crossover MarketscoreTechnology or Integration · 13 May 2026Ripple Prime serves as the primary prime broker supporting both CROSSx Anonymous and CROSSx Disclosed institutional crypto trading platforms, providing post-trade settlement and netting services to clients while maintaining direct relationships with over 30 OTC liquidity providers including B2C2, Flow Traders, Virtu Financial, and Da Vinci Trading.
• DTCC (Depository Trust & Clearing Corporation)flagshipStrategic or Co-development Partner · 4 May 2026Ripple Prime joined DTCC's 50-firm tokenization working group ahead of a July 2026 pilot and October 2026 full launch for tokenized Russell 1000 stocks, ETFs, and U.S. Treasuries. DTCC clears $114 trillion in assets.
• Bullish (NYSE: BLSH)coreTechnology or Integration · 29 April 2026Ripple Prime clients gained direct access to trade BTC options on Bullish's regulated exchange, with RLUSD stablecoin usable as collateral through existing sub-accounts without additional KYC. Bullish's BTC options market crossed $3 billion in open interest, ranking second to Deribit.
• OKXcoreStrategic or Co-development Partner · 29 April 2026Ripple and OKX announced a strategic partnership to list RLUSD on OKX's trading platform across 280+ pairs and as institutional-grade margin collateral for derivatives, supported by Ripple Prime.
• N3XTminorStrategic or Co-development Partner · 21 April 2026Ripple Prime is among the partners (alongside Blockchain.com, Five Bells, FRNT Financial, Halborn, Kraken, Utila, Zodia Markets) backing N3XT's launch of NDD, the first tokenized U.S. dollar bank deposit enabling real-time 24/7/365 settlement under N3XT's Wyoming SPDI charter.
• HyperliquidcoreTechnology or Integration · 4 February 2026Ripple Prime added Hyperliquid as its first DeFi integration, providing Ripple Prime's 300+ institutional clients access to Hyperliquid's on-chain perpetuals market.
• HyperliquidcoreTechnology or Integration · 4 February 2026Ripple announced the addition of Hyperliquid to its prime brokerage platform as its first DeFi integration, expanding institutional access to decentralized perpetuals.
• LMAX GroupflagshipStrategic or Co-development Partner · 15 January 2026Ripple and LMAX Group entered a multi-year partnership including a $150 million financing commitment from Ripple and integration of RLUSD as a core collateral asset across LMAX's institutional trading venues. LMAX processed $8.2 trillion in trading volume last year.
• BNY MellonflagshipTechnology or Integration · 9 January 2026Ripple Prime was among the first users of BNY Mellon's tokenized deposit offering, enabling on-chain mirrored representations of client deposit balances for real-time collateral, margin, and payment settlement on BNY's private permissioned blockchain.
• Mastercard / Gemini / WebBankcoreStrategic or Co-development Partner · 5 November 2025Ripple, Mastercard, Gemini, and WebBank are collaborating on a stablecoin settlement initiative for credit card transactions, with WebBank as the first regulated US bank to settle card payments using RLUSD on a public blockchain.
• MastercardcoreStrategic or Co-development Partner · 5 November 2025Ripple entered a partnership to launch an XRP-branded Mastercard, expanding institutional and consumer presence in cryptocurrency payments.
• PalisadecoreStrategic or Co-development Partner · 4 November 2025Ripple acquired Palisade, a digital asset wallet and custody infrastructure company, to enhance multi-chain wallet support and strengthen digital asset custody offerings within the Ripple Prime ecosystem.
• GTreasuryflagshipStrategic or Co-development Partner · 16 October 2025Ripple acquired GTreasury for $1 billion in October 2025, expanding into the corporate treasury market with clients including American Airlines, Goodyear, and Volvo. Now branded Ripple Treasury, integrated with Ripple Prime for digital asset services.
• Standard Custody and Trust Company LLCcoreStrategic or Co-development PartnerRipple subsidiary Standard Custody and Trust Company holds a NYDFS Limited Purpose Trust Charter and multiple US state money transmitter licenses; Standard Custody is also applying for a Federal Reserve master account alongside Ripple's national trust bank charter pursuit.
• Evernorth SPACcoreStrategic or Co-development PartnerRipple completed a $1 billion merger with Evernorth SPAC alongside the $1.25 billion Hidden Road acquisition, totaling $2.25 billion in institutional capital into the XRP ecosystem.

Scale indicators9 records

Recent moves7 records

Expansion highlights8 records

Emerging players

• Zodia Markets: Standard Chartered-backed institutional crypto broker focused on OTC trading, lending, and prime brokerage for institutional clients. Comparable in institutional digital asset services though narrower in product breadth.

Direct peers

• FalconX: Institutional crypto prime brokerage offering credit, trading, and clearing services. Direct competitor in digital asset prime brokerage and margin lending, and was named alongside Ripple Prime as a Hyperliquid institutional infrastructure provider.
• Galaxy Digital: Crypto-native financial services firm spanning trading, lending, asset management, and prime brokerage. Directly comparable in multi-asset institutional services and competing for similar hedge fund and institutional mandates.
• Anchorage Digital: Federally chartered digital asset bank offering custody, trading, and lending services to institutions. Comparable in regulated institutional digital asset services and named alongside Ripple Prime as a Hyperliquid infrastructure provider.
• BitGo Prime: Institutional prime brokerage and post-trade settlement arm of BitGo, focused on digital asset financing and net settlement. Operates alongside Ripple Prime as an alternative prime broker for Crossover Markets' CROSSx Disclosed platform.
• Cumberland (DRW): DRW's crypto trading arm and one of the largest institutional liquidity providers in digital assets, offering prime brokerage-style services to institutional counterparties. Comparable in institutional credit intermediation and OTC trading scale.
• Coinbase Prime: Institutional prime brokerage arm of Coinbase offering financing, OTC trading, and custody to institutional clients. One of the most direct competitors to Ripple Prime in the digital asset prime brokerage space.

Regional players

• OSL: Hong Kong-headquartered licensed digital asset platform providing brokerage, custody, and SaaS to institutional clients across Asia. Comparable in regulated institutional services with a different geographic focus.

Broad incumbents

• CME Group: Largest derivatives exchange operator and incumbent in traditional clearing. Ripple Prime serves as FCM for CME's 24/7 crypto futures — comparable as a clearing/credit counterparty in the broader institutional ecosystem, though CME is far larger and broader.
• LMAX Group: Institutional FX and crypto exchange operator processing $8.2T+ in volume. Comparable as a multi-asset institutional trading venue, and a strategic partner of Ripple Prime for RLUSD-based collateral and settlement.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hiddenroad

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ripple Prime