BREAKING: Ripple Prime Launches Stock Trading with Delta One Business
Highlights
- Ripple Prime launched a delta one business to enter equities market.
- It allows institutional investors to execute total return swaps on US stocks, indexes and crypto assets.
- XRP price bounces amid Ripple Prime expansion into stock trading.
Ripple Prime, the brokerage unit of crypto infrastructure giant Ripple, on Thursday said it has launched a delta one business for institutions. This marks major news for the XRP community as the firm pushes into equity markets, expanding its offerings for institutional clients trading across traditional and digital markets.
Ripple Prime Brokerage Expands Into Stock Trading
Ripple Prime’s stock trading desk will enable investors to execute total return swaps on US stocks, indexes and crypto assets, Bloomberg reported on August 27.
Noel Kimmel, president of Ripple Prime, said the offering is aimed at a range of market participants including hedge funds, market makers and ETF issuers.
The launch expanded Ripple Prime beyond crypto, FX, derivatives, and fixed income into synthetic equity exposure. This gives synthetic equity exposure without holding the underlying shares.
Ripple Prime closed the upsized $275 million private placement of senior unsecured notes to support its ongoing and expanding U.S. business. The firm noted that the offering generated strong demand from a diverse base of institutional investors.
Noel Kimmel revealed plans to use this additional source of capital to invest in the team and technology as they look to boost their position as one of the largest non-bank prime brokers globally.
Ripple aims to bridge traditional finance (TradFi) and the crypto industry on a single platform. This latest delta one business launch for stock trading aligns with the aim, with the firm also moving into banking business through Ripple National Trust Bank.
XRP Price Bounces
XRP price has rebounded by 1% over the last hour and almost 5% over the past 24 hours. The price is currently trading at $1.43, with a 24-hour low and high of $1.36 and $1.45, respectively. Furthermore, trading volume has increased by 8% in the last 24 hours.
Meanwhile, spot XRP ETFs are witnessing strong inflows from institutions, with $28.14 million on Wednesday. Bitwise, Franklin and Canary ETFs led inflows, marking their strongest single day of inflows in more than seven months.
CoinGlass data showed slight buying sentiment in the derivatives market. At the time of writing, the total XRP futures open interest jumped almost 0.5% to $3.50 billion in the last 24 hours.
XRP futures OI on CME and Binance climbed more than 0.22% and 0.32%, respectively. While the overall sentiment remains bullish, derivatives traders remain cautious ahead of monthly options expiry.
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