Brevan Howard has selected Ripple Prime as its provider for multi-asset prime brokerage, clearing, and financing services, deepening a relationship that began with Brevan Howard's investment in Ripple. The arrangement covers a broad range of crypto assets and positions Ripple Prime as a credible institutional prime broker for one of the world's largest macro hedge funds.
For Armada's crypto repo desk, this deal is significant as a competitive signal. Brevan Howard is precisely the type of sophisticated hedge fund counterparty Armada targets for crypto-collateralized repo. If Ripple Prime is providing financing against crypto assets with terms competitive to repo, Armada needs to understand Ripple Prime's rate structure, collateral acceptance, and custody model to sharpen its own value proposition, particularly around the no-rehypothecation and SOC 2 differentiators.