Brevan Howard is expanding its relationship with Ripple to use the firm's institutional digital-asset infrastructure for prime brokerage, clearing and financing, extending a partnership that already includes the hedge fund's investment in Ripple, according to a report by Traders Union.

The expanded arrangement will see Ripple Prime provide multi-asset prime brokerage and related financing services to Brevan Howard funds. The hedge fund manages about $35bn in assets, according to the companies.

The relationship builds on Brevan Howard's involvement in Ripple's $500m strategic funding round last year, as well as its existing investment in the digital-asset infrastructure provider.

Brevan Howard Group chief operating officer Alan McGroarty said the growing convergence between traditional finance and digital assets was driving demand for institutional infrastructure capable of supporting both markets. He said Ripple Prime could help the firm's investment teams improve operational efficiency and capital utilisation.

Ripple Prime was established following Ripple's acquisition of institutional prime broker Hidden Road and is being developed as a multi-asset platform for institutional investors. Its services include brokerage, clearing, financing and other infrastructure supporting digital-asset trading.

The platform has been broadening beyond its original digital-asset focus. KBRA assigned Ripple Prime a BBB rating earlier this year while noting that the business remained in a scaling phase and was looking to expand into areas including equity prime brokerage and swaps.

Ripple has also been expanding its financing capabilities, securing a $200m debt facility from Neuberger Berman to support institutional margin lending.

The company recently integrated Hyperliquid into Ripple Prime, giving the platform its first direct connection to a decentralised finance venue as it seeks to broaden access to digital-asset markets for professional investors.