Ripple announced on April 2 that its prime brokerage platform Ripple Prime has received an investment-grade issuer rating (BBB) from global credit rating agency Kroll. The rating applies to both the intermediate holding company Ripple Prime CIV US BD HoldCo LLC and its main operating subsidiary Hidden Road Partners CIV US LLC, collectively referred to as Ripple Prime US. The assessment highlights the platform's financial strength, disciplined execution, and growing institutional demand.
Rating Details: Dual Entities, Matched-Principal Model
Kroll's BBB rating covers both the holding company and the operating entity, reflecting Ripple Prime's stability in clearing, financing, and collateral services. Ripple Labs acquired Hidden Road for $1.3 billion in 2025, rebranding it as Ripple Prime. Total assets surged to approximately $39 billion in 2025, driven by repo activity and derivatives clearing. The firm operates a matched-principal model, avoiding proprietary trading while generating revenue through clearing, financing, and collateral services.
$39B Asset Backing: Repo and Derivatives Clearing Fuel Growth
Ripple Prime's business is still in a scaling phase, supported by capital injections and a growing client base. Management is pursuing diversification through new business lines and experienced hires, aiming to broaden revenue sources beyond financing spreads. While activities remain more concentrated than some peers, the platform benefits from a clear strategy and operational momentum. Parental support from Ripple is a key credit strength — Ripple maintains a strong capital position with significant cash reserves and digital asset holdings, providing financial flexibility in scenarios where regulatory or liquidity constraints limit internal capital flows.
Multi-Asset Prime Brokerage Ecosystem and Institutional Liquidity Expansion
The broader strategy centers on scaling a multi-asset prime brokerage ecosystem across fixed income, derivatives, foreign exchange, and digital assets. Planned initiatives include Delta1 financing, equity prime brokerage, and expanded clearing connectivity. Risk management relies on margin controls, real-time monitoring, and high-quality collateral, while the firm's short-duration financing approach supports disciplined liquidity management. Ripple Prime recently integrated Hyperliquid to expand institutional reach into onchain derivatives, allowing firms to access decentralized liquidity while managing multi-asset positions. Ripple CEO Brad Garlinghouse commented on X: "Clear validation of Ripple Prime's strength, reliability and tech with today's investment grade issuer rating from Kroll. Momentum builds when markets recognize these things."