Ripple sold $275 million in senior unsecured notes, its first debt offering, to bankroll the expansion of Ripple Prime, its institutional prime brokerage unit. The news was reported by Cointelegraph.
The private placement closed Tuesday. Investors, the company said, were a diverse group drawn from traditional financial markets. Proceeds will go toward prime brokerage, financing, and multi-asset clearing services.
Noel Kimmel, president of Ripple Prime, framed the participation as a sign of “confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure.”
The raise is the latest in a series of moves that have positioned Ripple as a non-bank prime broker. Last year it bought broker Hidden Road for roughly $1.25 billion, laying the groundwork for what became Ripple Prime. In May, it locked in a $200 million credit facility from funds managed by Neuberger Berman to grow the brokerage’s lending book. July brought Ripple Mint, a platform where institutions can access, mint, redeem, and manage the company’s dollar-pegged stablecoin, Ripple USD (RLUSD).
RLUSD carried a market capitalization of about $1.76 billion at the time of the report, per CoinGecko data cited by Cointelegraph.
Details on the notes’ terms, maturity, and credit rating were not disclosed. CoinDesk could not be accessed for this article. Ripple did not name the investors.
Holders, as ever, are watching the balance sheet, not the press release.
