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 raised $275 million in a senior note offering that closed on Tuesday to support blockchain enterprise solutions provider’s ongoing US business expansion into financial services.

The senior unsecured notes were issued in a private placement by the company’s non-bank prime brokerage, Ripple Prime, the company announced on Tuesday. Ripple said the note offering attracted a diverse base of institutional investors from financial markets.

Ripple Prime President Noel Kimmel said that the support received during the note offering is a signal of “confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure.”