Ripple Prime has been selected as a finalist in four categories at the Hedge Week US Awards 2026, a move CEO Mike Higgins called a significant milestone for the prime brokerage. Higgins highlighted the achievement in a recent social media post, expressing gratitude to clients and partners, and noted that community voting to determine the winners is now underway.
Award Nominations and Competitors
Ripple Prime is in the running for ‘Prime Broker of the Year’ honors in several key categories: Client Service, Specialist Markets, Start-up & Emerging Managers, and Technology. For the Specialist Markets segment, it is competing alongside Interactive Brokers and Mirae Asset Securities (USA). In the Start-up & Emerging Managers and Technology categories, competitors include Jones Trading and AGP Prime, among others.
Higgins emphasized the importance of community participation in the voting process, indicating that further progress depends on client and industry support.
Ripple Prime, previously known as Hidden Road, was acquired by Ripple in April 2025. The firm is recognized as one of the largest non-bank prime brokers worldwide, reportedly clearing more than $3 trillion in trading volume each year across a client base that exceeds 300 institutional participants.
Mini dictionary: Prime broker – A financial services firm that offers professional trading, custody, financing, and clearing services, mainly to institutional clients such as hedge funds.
| Category | Ripple Prime Competitors |
|---|---|
| Specialist Markets | Interactive Brokers, Mirae Asset Securities (USA) |
| Start-up & Emerging Managers | Jones Trading, AGP Prime |
| Technology | Jones Trading, AGP Prime |
Growth After Ripple Acquisition
At a quarterly webinar hosted by Token Relations, Higgins reported that Ripple Prime’s revenue has more than tripled since its acquisition by Ripple. He attributed this rapid growth to new and existing clients expanding their business through the platform.
Higgins identified several drivers for this performance, including the introduction of Ripple’s RLUSD stablecoin, which enables round-the-clock collateral movement, a horizontal clearing infrastructure, and cross-margining solutions across various asset classes. According to Higgins, these innovations have allowed clients to reduce margin requirements on certain trades from $12.5 million to about $1 million.
Revenue has more than tripled since the acquisition, with new products and infrastructure attracting institutional clients and enabling more efficient margin requirements.
Strategic Partnerships and Market Expansion
Ripple Prime expanded its offering in the second quarter by integrating with EDX Markets, Coinbase Derivatives, Hyperliquid, and Bullish. The firm also secured a $200 million debt facility from Neuberger Berman, positioning it for further institutional growth.
Higgins noted the diversification of Ripple Prime’s client base, pointing to an increase in hedge funds, asset managers, pension funds, and endowments, in addition to crypto-native trading firms. He credited this shift to growing regulatory certainty, supported by the GENIUS Act and the anticipated CLARITY Act.
Mini dictionary: GENIUS Act – Proposed US legislation aimed at establishing clearer regulatory frameworks for digital asset markets. The CLARITY Act is also awaiting legislative approval to further clarify oversight in the crypto sector.
New integrations and a substantial debt facility have enabled Ripple Prime to serve a broader range of institutional clients, with regulatory clarity driving further interest.
Future Priorities
Short-term plans include adding new types of collateral, such as tokenized money market funds, and developing a “Delta One” equities business. Looking ahead, Higgins stated that the firm’s long-term strategy focuses on promoting industry standardization in prime brokerage and digital asset clearing services.
