Ripple raises $275M for US prime brokerage to meet institutional demand
Ripple said the $275 million raised will support its expansion into traditional financial services such as prime brokerage and multi-asset clearing, citing strong demand from institutions.
Ripple has raised $275 million to bolster its expansion into traditional financial services, notably prime brokerage and multi-asset clearing, in response to robust demand from institutions. The company issued $275 million in senior unsecured notes through a private placement by Ripple Prime, its non-bank prime brokerage, on Tuesday.
The diverse pool of institutional investors drawn to the note offering underscores confidence in Ripple's strategic vision for merging traditional and digital asset financial infrastructure. The funds will facilitate Ripple's growth into financial services like prime brokerage, financing, and multi-asset clearing. Acquired last year in a deal worth roughly $1.25 billion, Ripple gained access to its institutional prime brokerage business, later renamed Ripple Prime.
In May, Ripple secured a $200 million credit facility to enhance its lending capacity in this sector. The launch of Ripple Mint in July, a platform enabling institutions to access, mint, redeem, and manage its US dollar-pegged stablecoin, Ripple USD (RLUSD), further illustrates Ripple's commitment to advancing financial services. As of the latest data, RLUSD boasts a market capitalization of $1.76 billion.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
