Brevan Howard to use Ripple Prime for multi-asset brokerage, clearing and financing

Ripple and Brevan Howard are extending their relationship, with the hedge fund expanding its use of Ripple's institutional infrastructure and digital-asset products.

Ripple Prime will now provide multi-asset prime brokerage, clearing, and financing services to Brevan Howard funds. Ripple Prime is the multi-asset prime broker formed after Ripple acquired institutional prime broker Hidden Road.

"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," Brevan Howard Group COO Alan McGroarty said in a statement. "Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency."

The partnership builds on Brevan Howard's existing investment in Ripple and its participation in Ripple's $500 million strategic funding round last year. The hedge fund manages about $35 billion in assets, according to the release.

Earlier this year, KBRA rated Ripple Prime a BBB, noting that the business is still scaling and is looking to diversify into products including equity prime brokerage and swaps. The firm then secured a $200 million debt facility from Neuberger Berman to expand institutional margin lending.

Notably, Ripple added Hyperliquid to Ripple Prime, the platform's first direct integration with a DeFi venue.