Ripple raised $275 million through a senior note offering to fund the expansion of its US prime brokerage division. The offering was conducted by its non-bank subsidiary Ripple Prime and attracted a diverse base of institutional investors. The proceeds will support the company’s growth into institutional brokerage, financing and multi-asset clearing services. This follows Ripple’s acquisition of Hidden Road last year for approximately $1.25 billion and a $200 million credit facility secured from funds managed by Neuberger Berman in May. Ripple USD (RLUSD), launched in July, had a market capitalization of $1.76 billion according to Coingecko data.
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