Ripple Expands USA Business With $275 Million Investment

Ripple has raised $275 million through a senior note offering that closed on Tuesday, with the funds set to support the company’s continued expansion into financial services in the United States. The senior unsecured notes were issued through a private placement by Ripple Prime, the company’s non-bank prime brokerage business.

Ripple said the offering attracted a broad range of institutional investors from across financial markets. Ripple Prime President Noel Kimmel said the strong participation reflected “confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure.”

Ripple expands financial services business

Ripple said the proceeds will be used to grow its presence across areas including prime brokerage, financing and multi-asset clearing. The company significantly expanded its institutional services last year through the acquisition of Hidden Road in a deal valued at around $1.25 billion. The transaction enabled Ripple to establish an institutional prime brokerage business, which was later rebranded as Ripple Prime. In May, Ripple also secured a $200 million credit facility from funds managed by Neuberger Berman, increasing the lending capacity of its institutional prime brokerage operations.

Ripple builds out RLUSD infrastructure

Ripple has also continued expanding its stablecoin-related services. In July, the company launched Ripple Mint, a platform designed to give institutions additional ways to access, mint, redeem and manage its US dollar-pegged stablecoin, Ripple USD (RLUSD). At the time of the report, RLUSD had a market capitalization of approximately $1.76 billion, according to CoinGecko.

Sources:

https://ripple.com/ripple-press/ripple-prime-closes-275-million-senior-notes-offering/

https://cointelegraph.com/news/ripple-raises-275m-us-prime-brokerage

https://www.coingecko.com/en/coins/ripple-usd