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.” Ripple said the proceeds of the offering will be used to support its expansion into financial services including prime brokerage, financing and multi-asset clearing. The company acquired Hidden Road last year in a roughly $1.25 billion deal. That acquisition allowed the Ripple to launch its institutional prime brokerage business, which w...