Ripple Launches Delta One Trading Desk to Compete with Wall Street Banks
Ripple has launched a Delta One trading desk through its prime brokerage arm, Ripple Prime. This service allows institutional investors to bet on the price movements of US-listed stocks, major indices, and crypto without owning them directly using total return swaps (TRS). The move positions Ripple in competition with Wall Street banks like Goldman Sachs and JPMorgan, which have long dominated this market segment. The Delta One desk offers a single counterparty for cross-asset trading around the clock. Ripple claims structural advantages over traditional providers by offering 24/7 access to equities, FX, derivatives, fixed income, and digital assets through one platform. The company has invested heavily in its prime brokerage capabilities, having acquired Hidden Road for $1.25 billion in 2025. Despite Ripple's crypto background, XRP is not a requirement or central focus of the new service. Instead, it competes on infrastructure and capital strength with over $1 billion in regulatory net capital and recent funding rounds totaling hundreds of millions.
Topics: Delta One trading desk institutional investing prime brokerage Ripple