The news
On October 6, 2026, Ripple said its prime brokerage arm, Ripple Prime, will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard. The Ripple Prime Brevan Howard agreement expands an existing relationship: affiliates of Brevan Howard took part in Ripple's $500 million strategic investment round in 2025.
Brevan Howard is an alternative investment manager focused on global macro and digital assets, managing about $35 billion with roughly 1,000 employees across nine offices, according to Ripple's announcement. Ripple Prime is the former Hidden Road, a non-bank prime broker whose acquisition by Ripple closed in October 2025, when it became Ripple Prime, as reported by Bitcoin.com News.
Noel Kimmel, president of Ripple Prime, said few firms are equipped to provide the next generation of prime services. Alan McGroarty, group chief operating officer of Brevan Howard, said the firm expects Ripple's platform to give its investment teams increased operational ease.
In the same days, crypto exchange OKX disclosed new investment from Circle Internet Group, Ripple, trading firm Qube Research & Technologies (QRT) and SC Ventures, Standard Chartered's venture arm, at an unchanged $25 billion pre-money valuation, according to Ledger Insights, which reported it on October 6, and Blockhead, which reported it on October 7. The amount raised was not disclosed. The round extends a March 2026 raise led by Intercontinental Exchange (ICE), which Blockhead put at about $200 million.
Each new OKX backer already works with the exchange, Ledger Insights reported: Circle issues the USDC stablecoin, QRT is a major trading counterparty, Standard Chartered holds client collateral in custody, and Ripple's RLUSD stablecoin was listed on OKX in April. OKX founder and CEO Star Xu said the money will help the company keep growing and tokenize real-world assets.
The numbers
- Brevan Howard assets under management
- About $35 billion
- OKX pre-money valuation
- $25 billion
- Ripple 2025 strategic round
- $500 million
- OKX March 2026 ICE-led round
- About $200 million (per Blockhead)
Why CEOs should care
For CFOs and treasurers with crypto or stablecoin exposure, these deals change the counterparty map. A large macro fund is choosing a crypto-native firm for prime brokerage, clearing and financing across asset classes, a role traditionally filled by big banks. Before following, ask any non-bank prime broker how client assets are segregated, who its own banking and custody providers are, and which regulators license the entities you would face.
The OKX round deserves equal scrutiny for concentration risk. The issuer of USDC, the issuer of RLUSD, a major trading counterparty and the bank that custodies client collateral now also hold equity in the same exchange. That can align incentives, but it also links failure paths. Risk teams should map where their stablecoins, collateral and trading venues share owners or service providers.
For boards and investment committees, the signal is that crypto infrastructure is being bundled the way traditional market plumbing is: exchange, custody, clearing and financing increasingly sit inside a few connected groups. Ask management whether vendor diligence covers ownership ties between your providers, not just each provider alone.
The bigger picture
Both moves show crypto firms using balance sheets and partnerships to look more like full-service financial institutions. Ripple now offers payments, custody, prime brokerage and treasury services and says it holds over 85 licenses, while OKX is pushing into tokenized stocks and commodity-linked products. Traditional institutions are participating as clients, custodians and shareholders rather than staying on the sidelines.
What’s next
Watch for the size of the OKX extension if it is disclosed, further hedge fund mandates for Ripple Prime, and whether Standard Chartered expands its custody role with OKX or other exchanges. Any regulatory action on non-bank prime brokers would directly affect firms considering similar arrangements.
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