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Ripple Prime Closes $275M Offering to Fund U.S. Expansion

Created at 18 Aug · 4:11 PM1 source↑ Market-relevant
IN SHORT

Ripple's prime brokerage arm, Ripple Prime, has successfully closed an upsized offering of $275 million in senior unsecured notes. The funds will support its U.S. business expansion, invest in technology and team, and bolster its position as a global non-bank prime broker.

Key Numbers

$275 millionupsized offering of senior unsecured notes
$1.25 billionRipple's acquisition of Hidden Road last year

Who's Involved

Ripple Prime
Ripple's prime brokerage firm that closed a $275M offering
Noel Kimmel
President of Ripple Prime commenting on the offering
KBRA
Global credit rating agency that assigned BBB rating
Ripple
Crypto firm expanding operations and acquiring prime brokerage

↳ Why This Matters

The successful capital raise and investment-grade rating for Ripple Prime signal growing institutional confidence in digital asset financial infrastructure and Ripple's expansion strategy within the U.S. market.

Key facts

  • Ripple Prime closed an upsized offering of $275 million in senior unsecured notes.
  • The funds are designated for U.S. business expansion, working capital, and general corporate purposes.
  • The notes received an investment-grade rating of BBB from KBRA.
  • Ripple Prime aims to enhance its position as a leading global non-bank prime broker.

Ripple Prime, the prime brokerage arm of the crypto firm Ripple, has successfully closed an upsized offering of $275 million in senior unsecured notes. The capital raised is intended to support the company's ongoing and expanding U.S. business operations, including investments in technology and personnel, aiming to strengthen its standing as a major non-bank prime broker globally.

The offering saw significant demand from a diverse range of institutional investors. Noel Kimmel, President of Ripple Prime, stated that the robust support for the inaugural notes offering reflects the strength of the business and confidence in its long-term vision for integrating traditional and digital asset financial infrastructure.

Previously known as Hidden Road before its acquisition by Ripple last year, Ripple Prime has integrated crypto trading services. It recently added support for Hyperliquid, a decentralized platform, for its institutional clients trading perpetuals.

Furthermore, the unsecured notes secured an investment-grade rating of BBB from the credit rating agency KBRA, which also assigned Ripple Prime an issuer rating of BBB earlier this year. KBRA cited Ripple's strong capital position, including its XRP holdings, and Ripple Prime's growing balance sheet as factors contributing to the rating.

Frequently asked questions

Ripple Prime is Ripple's prime brokerage firm, which was formerly known as Hidden Road before its acquisition by Ripple last year. It offers integrated crypto trading services.

The funds raised from the senior unsecured notes offering will be used as working capital and for general corporate purposes to support Ripple Prime's ongoing and expanding U.S. business.

The senior unsecured notes received an investment-grade rating of BBB from the global credit rating agency KBRA.

What Happens Next

01Ripple Prime will invest proceeds in team and technology to boost its market position.
02The firm will continue to expand its operations both within and outside the U.S.

How It Developed

Ripple Prime announced the successful close of its upsized $275 million private placement of senior unsecured notes.
The proceeds will be used for working capital and general corporate purposes to support U.S. business expansion.
The notes received an investment-grade rating of BBB from credit rating agency KBRA.
Ripple Prime was formerly known as Hidden Road before Ripple's acquisition last year.

Sources

T1
XRP News: Ripple Prime Closes $275M Upsized Offering to Support U.S. ExpansionCoinGape

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