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Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, according to an Oct. 6 announcement. The deal expands Ripple’s institutional client work beyond digital assets, though financial terms and the services’ scope were not disclosed.
Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, the companies’ agreement announced Tuesday, Oct. 6, adds a major investment manager to Ripple’s effort to build institutional business across traditional and digital markets. The deal deepens an existing relationship, but the announcement did not disclose its financial terms or specify which funds will use the services.
Ripple said the agreement covers prime brokerage, clearing and financing for Brevan Howard funds. Prime brokers provide investment firms with services that can include trade execution, financing and clearing; the announcement describes a multi-asset arrangement but does not detail the products, markets or start date covered by this particular deal.
The companies characterized the agreement as a deepening of their relationship. Ripple’s release framed it as evidence of demand among investment managers for regulated, enterprise-grade services spanning traditional and digital markets. That is the company’s assessment of market demand, not a disclosed measure of the deal’s size or expected revenue.
Ripple Prime President Noel Kimmel told the Wall Street Journal that the business is a growing and meaningful part of Ripple Prime. The Journal reported that Ripple has also been working with several providers of leveraged exchange-traded funds and is seeking business from hedge funds and other investment managers. Neither the announcement nor the reporting provided revenue figures, client counts tied to this agreement or the value of assets involved.
Institutional finance · Deal brief · Oct. 6, 2026
How Ripple’s Brevan Howard Deal Helps It Win Wall Street Business
A new prime brokerage agreement gives Ripple a named relationship with a major investment manager. It signals expansion across asset classes, while the deal’s reach and revenue remain undisclosed.
A cross-asset route into institutional finance—with the commercial details still behind the curtain.
Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds.
01 / What the agreement covers
The announcement names a service set and a client relationship. It does not map the operational details.
Prime brokerage
Prime brokers can provide investment firms with services such as trade execution and financing. The specific products in this arrangement were not listed.
Clearing
Ripple says the agreement includes clearing. No markets, transaction volumes or participating Brevan Howard funds were identified.
Financing
Financing is part of the announced scope, but fees, financing volumes and minimum commitments remain undisclosed.
The agreement deepens an existing relationship, according to the companies. They did not say whether it formalizes prior work, adds new products, or does both.
02 / A wider route into institutional finance
The strategic case is clear; the scale of the business impact is not yet measurable.
The deal gives Ripple Prime a named relationship with a prominent global alternative investment manager and supports Ripple’s effort to serve institutions across traditional and digital markets.
That puts Ripple in a category long associated with large banks: infrastructure for investment managers that can include trading access, clearing and financing. The Wall Street Journal reported that Ripple is also pursuing work connected to leveraged exchange-traded funds and seeking business from hedge funds and other managers.
What it does not prove: market share gained, significant revenue, or the breadth of access Brevan Howard will use. Those outcomes depend on services selected, activity levels and whether more clients follow.
Cross-asset ambition
Ripple has framed its brokerage unit as a bridge across traditional and digital markets.
Seeking institutional work
The Journal reported outreach to hedge funds and work with providers of leveraged ETFs.
Brevan Howard agreement
A concrete client relationship, but no public measure yet of volume, fees or revenue.
03 / The platform behind Ripple Prime
Ripple built its prime brokerage business through Hidden Road. Historical acquisition figures describe that business at the time, not the current deal.
“There are few firms equipped to provide the next generation of prime services that sophisticated investors expect.”Noel Kimmel · Ripple Prime president · Ripple release
Ripple acquired Hidden Road for $1.25 billion, a transaction the Wall Street Journal reported was completed the prior year. Ripple described the purchase as making it the first cryptocurrency company to own and operate a multi-asset prime broker; that was the company’s characterization.
Ripple said Hidden Road was clearing $3 trillion annually and had more than 300 institutional customers at the time of the acquisition. Those are historical company disclosures—not current Ripple Prime metrics and not measures of Brevan Howard activity.
Ripple later announced plans for U.S. digital-asset spot prime brokerage and said institutions could access foreign exchange, digital assets, derivatives, swaps and fixed income through Ripple Prime. The Oct. 6 announcement does not say which of those offerings Brevan Howard will use.
04 / Deal scope and revenue remain undisclosed
The most important commercial variables are still open questions.
Which funds?
Brevan Howard funds are covered, but the companies did not identify participating funds.
Which markets?
The arrangement is multi-asset; specific markets, products and services were not detailed.
When does service begin?
No start date or implementation timeline was included in the announcement.
What is it worth?
Fees, financing volumes, contract value and expected revenue were not disclosed.
05 / What to watch next
Later disclosures could make the agreement’s practical reach easier to assess.
Start date
When the services begin, if either company shares a timeline.
Participating funds
Which Brevan Howard funds will use the arrangement.
Markets and activity
Products covered and any disclosed measure of usage.
More clients and results
Additional relationships or financial information to gauge durability.
Until then, the signal is directional.
The agreement marks an expansion of Ripple Prime’s institutional business. Its operational reach and contribution to revenue remain unquantified, and the companies have not committed to another announcement.
06 / Key questions
What the announcement answers—and what it leaves open.
What will Ripple Prime provide?
Multi-asset prime brokerage, clearing and financing services to Brevan Howard funds. Individual products and markets were not specified.
When was the agreement announced?
Tuesday, Oct. 6, 2026, according to Ripple’s release.
How much is the deal worth?
No contract value, fee information or expected revenue was disclosed.
Does it show how much Wall Street business Ripple has won?
It adds a named institutional relationship. The announcement does not quantify its scale or establish market share.
A Wider Route Into Institutional Finance
The agreement gives Ripple a named relationship with a prominent global alternative investment manager and illustrates how the company is positioning its brokerage unit to serve institutions beyond cryptocurrency markets. For investors and financial firms, the development is relevant because it places Ripple Prime in a service category long associated with large banks: providing investment managers with access to financing, clearing and trading infrastructure.
The Wall Street Journal reported that Ripple is also pursuing work connected to leveraged ETFs, a business it described as dominated by major banks, as well as business from hedge funds and other managers. The Brevan Howard agreement adds to that reported expansion, but it does not establish how much market share Ripple has gained or whether the new relationship will produce significant revenue. The commercial impact will depend on the services used, the volume of activity and whether Ripple can attract further clients.
For institutional customers, a multi-asset provider could offer access to services across traditional and digital markets through one relationship. Ripple and Brevan Howard have not specified whether this agreement consolidates existing arrangements or adds new products, so the practical breadth of that access remains unknown.
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Ripple Prime grew out of Ripple’s $1.25 billion acquisition of Hidden Road, which the company completed last year, according to the Wall Street Journal. At the time, Ripple described the acquisition as making it the first cryptocurrency company to own and operate a multi-asset prime broker. That “first” characterization is Ripple’s claim; the announcement did not independently assess the broader market.
Ripple said Hidden Road was clearing $3 trillion per year across markets and had more than 300 institutional customers. Those figures describe the business at the time Ripple announced the acquisition, not the current scale of Ripple Prime or the activity generated by the Brevan Howard agreement. Ripple also said its backing could help the business become the world’s largest nonbank prime broker; that was a stated ambition, not a reported outcome.
In November, Ripple announced plans to launch digital-asset spot prime brokerage capabilities in the United States. The company said it had combined its licenses with Hidden Road’s services so institutions could access foreign exchange, digital assets, derivatives, swaps and fixed income through Ripple Prime. This history helps explain the strategic fit of the latest agreement, but the Oct. 6 announcement did not say which of those offerings Brevan Howard will use.
“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.”
— Noel Kimmel, president of Ripple Prime, in Ripple’s release
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Deal Scope And Revenue Remain Undisclosed
The announcement does not identify the Brevan Howard funds covered, specify which markets or products they will access, or give a timeline for service to begin. It also does not disclose fees, financing volumes, revenue expectations or any minimum commitment. Those omissions make it difficult to assess the agreement’s commercial scale.
It is also unclear whether the deal represents new business, a formal expansion of existing work, or both. Ripple described a deepening relationship but did not outline its prior arrangements with Brevan Howard. The company’s broader claims about demand for regulated multi-asset services and its competitive position have not been accompanied by market-wide figures in the announcement.
The acquisition-era figures for Hidden Road—annual clearing volume and institutional customer count—are historical company disclosures. They should not be treated as current performance metrics for Ripple Prime or as measures of activity under the Brevan Howard agreement.
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Watch For Service And Client Details
The next concrete details to watch for are the start date, participating funds and services covered by the arrangement. Ripple or Brevan Howard could disclose those points in later statements or regulatory filings, but neither company committed to a further announcement in the material released Tuesday.
Ripple Prime’s broader progress will also depend on whether its reported work with ETF providers and its outreach to hedge funds lead to additional disclosed client relationships. The Oct. 6 agreement is a sign of expansion, but subsequent client announcements and financial information would be needed to establish the scale and durability of that business. Until then, the agreement’s operational reach and contribution to Ripple’s revenue remain unquantified.
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Key Questions
What will Ripple Prime provide to Brevan Howard?
Ripple said it will provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds. It has not specified the individual products or markets involved.
When was the agreement announced?
The agreement was announced on Tuesday, Oct. 6, 2026, according to Ripple’s release.
How much is the Brevan Howard deal worth?
No financial terms were disclosed. The companies did not provide a contract value, fee information or expected revenue.
How did Ripple enter the prime brokerage business?
Ripple Prime was built from Ripple’s $1.25 billion acquisition of Hidden Road, which the Wall Street Journal reported took place last year. Ripple has since described plans to combine traditional and digital-asset services for institutional clients.
Does the agreement show how much business Ripple has won on Wall Street?
The agreement adds a named institutional client relationship, but its scale is not public. The announcement provides no transaction volumes, revenue figures or market-share data for this deal.
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