Ripple raises $275M for prime brokerage

• Ripple raised $275 million through a senior note offering for its US financial services expansion.
• The funds will support prime brokerage, financing and multi-asset clearing services.
• Ripple Prime raised the funds as the company expands its institutional financial services business.

Ripple raised $275 million through a senior note offering to expand its US financial services business.

Ripple Prime issued the unsecured notes through a private placement that closed on Tuesday.

Ripple Prime President Noel Kimmel said the funding showed “confidence in our long-term vision” for digital and traditional finance.

The company said the funds will support prime brokerage, financing and multi-asset clearing services.

Ripple acquired Hidden Road for about $1.25 billion last year and later rebranded it as Ripple Prime.

In May, Ripple secured a separate $200 million credit facility from funds managed by Neuberger Berman.

Ripple also launched Ripple Mint in July, giving institutions tools to access, mint, redeem and manage Ripple USD (CRYPTO:RLUSD).