Ripple Backer Brevan Howard Taps Ripple Prime for Prime Brokerage and Clearing
By Unchained
AI summary of the source article
Alternative investment manager Brevan Howard announced an agreement to use Ripple Prime for prime brokerage, clearing, and financing across multiple asset classes. Managing approximately $35 billion in institutional assets, Brevan Howard previously backed Ripple through a $500 million strategic investment round that valued the company at $40 billion. Financial terms, launch dates, and the specific funds covered under the arrangement were not disclosed. Ripple Prime, formerly known as Hidden Road following a $1.25 billion acquisition, has expanded its institutional services to include decentralized derivatives support, debt financing, and a Delta One business offering total return swaps.
Why it matters
The partnership demonstrates institutional adoption of Ripple's prime brokerage unit by a major $35 billion alternative asset manager across cross-asset strategies.
Key facts
- Brevan Howard will use Ripple Prime for multi-asset prime brokerage, clearing, and financing.
- Financial terms, commencement dates, and specific funds covered were not disclosed.
- Brevan Howard manages about $35 billion and previously backed Ripple in a $500 million strategic investment round.