Ripple Prime links up with EDX for crypto liquidity

Ripple has integrated its Ripple Prime platform with EDX Markets and EDXM International, giving Ripple Prime clients access to spot and perpetual futures liquidity in digital assets.

The integration connects Ripple's multi-asset prime brokerage platform with EDX's spot venue and its international perpetual futures exchange within a single trading framework.

The arrangement is designed to give institutional clients access to trading venues through credit intermediation, net settlement and collateral management, as firms continue to navigate the fragmented crypto market structure and counterparty risk.

EDX Markets operates an institution-only spot marketplace, while EDXM International runs a perpetual futures venue for institutional clients outside certain jurisdictions. Both say their market structure draws on practices commonly used in traditional financial markets.

The agreement adds another link between crypto infrastructure providers seeking to attract banks, hedge funds and other professional investors that want centralised access to liquidity without managing multiple bilateral relationships across venues.

Michael Higgins, International Chief Executive of Ripple Prime, said the partnership reflects a push to combine digital asset trading with more familiar market infrastructure.

"Building the next generation of prime brokerage requires partnering with venues that provide a secure, liquid bridge between traditional and digital markets," Higgins said.

He added that EDX matched the trading requirements of Ripple Prime's client base.

"EDX is institutional-grade and delivers the performance, reliability and depth that our clients expect. We're excited to make its market structure seamlessly accessible through Ripple Prime's capital-efficient framework, raising the bar for institutional digital asset trading," Higgins said.

Tony Acuña-Rohter, Chief Executive of EDX Markets, said institutional demand was shaping the market for digital asset infrastructure.

"Institutions are demanding market infrastructure that combines the operational rigour of traditional finance with the innovation and efficiency of digital assets," Acuña-Rohter said.

He said the tie-up broadens access to liquidity across both spot and derivatives markets.

"By integrating with Ripple Prime, we're expanding access to deep, transparent liquidity across spot and perpetual futures markets through a capital-efficient framework designed for scale. Together, we're helping accelerate the maturation of digital assets and setting a higher standard for market participants," Acuña-Rohter said.

Settlement plans

The partnership also lays the groundwork for a later integration of Ripple USD, the group's US dollar-backed stablecoin, as a settlement and collateral asset on EDX.

If implemented, institutional users would be able to post and receive margin in RLUSD across trading activity on the connected venues. Such an arrangement could support cross-collateralisation and margin management between spot crypto trading and perpetual futures positions.

Ripple was founded in 2012 and has built products spanning payments, custody, liquidity and treasury management. XRP and RLUSD sit alongside those services as part of the company's broader offering to financial institutions and digital asset firms.

For EDX, the integration broadens distribution of its venues through a third-party prime brokerage layer at a time when crypto market operators are trying to win more institutional order flow. The company describes its business as combining an institutional trading venue with a central clearinghouse structure.

EDXM International, a subsidiary of EDX Markets Holding Company, is positioned as a venue for institutional clients using a crypto trading platform built around market conventions more familiar to traditional finance participants.

The latest agreement underscores how the crypto sector is still adapting its plumbing for larger investors, with prime brokerage, collateral mobility and consolidated liquidity remaining central issues for firms entering the market.

The integration enables Ripple Prime clients to access EDX Markets' spot liquidity and EDXM International's perpetual futures venue through a single brokerage relationship.