Ripple Prime and institutional digital asset platform Bullish announced on April 29 an expanded integration that now gives institutional clients direct access to BTC options trading. With the rollout, Ripple Prime users can connect to Bullish’s regulated options market in addition to the spot, perpetuals, and dated futures already available through the platform. The update also allows RLUSD to be used in options trading.
Broader derivatives access for institutional clients
According to the companies, Bullish operates one of the largest crypto-settled bitcoin options markets by open interest, ranking second in that segment. The new connection extends the derivatives toolkit available to institutions already using Ripple Prime’s brokerage framework, allowing them to trade options alongside other products offered through Bullish.
Ripple said in a post on X that Ripple Prime clients can now trade BTC options on Bullish and use RLUSD in the process. Bullish separately confirmed that stablecoins such as Ripple USD can be used for options trading on its platform. That adds another settlement and collateral pathway for institutions seeking more flexibility in digital asset markets.
Existing sub-accounts help speed up execution
A key part of the integration is operational efficiency. Institutional users can deploy capital instantly through their existing sub-accounts without going through an additional KYC process. For professional trading firms, that reduces onboarding friction and can shorten the time needed to access the options market.
For clients already active through Ripple Prime, the move represents more than a single product addition. It expands the available market structure for managing exposure across a wider mix of instruments, including spot, futures, perpetuals, and now options through a regulated venue.
Cross-venue margin support targets capital efficiency
Bullish also said planned cross-venue margin support is intended to let institutions manage collateral across exchanges and over-the-counter desks. The goal is to improve capital efficiency for firms that trade across multiple venues and need more flexible collateral management.
Ripple Prime said it provides brokerage, clearing, and financing services across asset classes and cleared more than $3 trillion in 2025. Adding Bullish’s options market further broadens its institutional digital asset offering while keeping clients connected to regulated market infrastructure. Mike Higgins, international CEO at Ripple Prime, said the two firms have been long-term partners focused on giving institutional clients access to robust derivatives markets as traditional and digital asset markets become more interconnected. He added that cross-margining across venues could strengthen participation and improve capital efficiency while maintaining exposure to regulated counterparties. The integration is now live, highlighting continued institutional demand for regulated options access, faster capital deployment, and more flexible use of collateral.