Ripple Prime Adds BTC Options Trading for Institutions

Ripple Prime now offers BTC options via Bullish for institutions. RLUSD accepted. No extra KYC needed. Here’s what it means for crypto.

Ripple Prime has expanded its partnership with Bullish, a digital asset platform listed on the NYSE. Institutional clients now have direct access to BTC options markets through the integration. 

Bullish confirmed the update on April 29 in a joint announcement. The move extends existing access to spot, perpetuals, and dated futures. Ripple’s stablecoin, RLUSD, can also be used for options trading on the platform.

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BTC Options Now Live for Ripple Prime Users

Bullish shared that its options markets are now live for Ripple Prime’s institutional clients. Clients can access these markets through existing sub-accounts. There are no additional KYC requirements involved. 

According to the announcement, Bullish’s BTC options market ranks second-largest by open interest for crypto-settled Bitcoin options.

Ripple Prime is described as one of the largest global non-bank prime brokers. It offers multi-asset brokerage, clearing, and financing services. 

The platform cleared over $3 trillion in 2025 alone. This integration adds another layer to its growing digital assets suite.

Chris Tyrer, President of Bullish Exchange, addressed the expansion directly. He noted that institutional demand for crypto derivatives continues to rise. 

He added that options are central for sophisticated investors managing portfolio risk. Tyrer described the integration as a regulated pathway to access options markets.

RLUSD and Capital Efficiency at the Center of the Deal

One notable feature of the integration is RLUSD support. Ripple’s stablecoin can serve as collateral for options trading on Bullish. 

This gives Ripple Prime clients more flexibility in how they deploy capital. The announcement did not specify a timeline for expanded stablecoin support.

Cross-venue margin is also a planned feature under the partnership. It would allow institutions to optimize collateral across exchanges and OTC desks. 

This could improve capital efficiency for clients managing multiple positions. The feature has not yet launched but was flagged in the official release.

Mike Higgins, International CEO at Ripple Prime, spoke on the development as well. He described Bullish as a longtime partner for derivatives market access. 

Higgins pointed to cross-margining as a key benefit for institutional participants. He said it strengthens the depth of market participation overall.

What the Ripple-Bullish Partnership Covers

Ripple and Bullish have maintained a working relationship for some time. 

The original partnership gave Ripple Prime clients access to Bullish’s spot and futures markets. This latest expansion now brings options into the mix. According to both companies, the goal is to serve the growing institutional demand for crypto derivatives.

Bullish operates as an institutionally focused global digital asset platform. It provides market infrastructure and information services to its clients. 

The company is incorporated in the Cayman Islands and publicly listed in the U.S. Ripple Prime operates globally and focuses on multi-asset prime brokerage services.

The announcement did not detail specific trading volumes or pricing structures. Both companies positioned the integration as a step toward deeper institutional participation in crypto markets.