Ripple Prime, the prime brokerage arm of crypto firm Ripple, has closed an upsized offering of $275 million in senior unsecured notes. The funds will support its U.S. business expansion into financial services, including prime brokerage and multi-asset clearing.
The successful offering bolsters Ripple's expansion into traditional financial services and signals institutional confidence in the convergence of traditional and digital asset infrastructure.
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.
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