Ripple Prime, a prime brokerage arm of Ripple, has secured a $200 million asset-backed debt financing from Neuberger Berman.

According to Odaily, Ripple Prime, the prime brokerage arm of Ripple, has completed a $200 million asset-backed debt financing facility through the specialty finance team of global asset manager Neuberger Berman. The funds will be used to expand margin capacity for institutional investors in cross-market trading, including equities, fixed income, and cryptocurrencies. The actual available amount will be dynamically adjusted based on institutional client borrowing demand.

This financing, provided by Neuberger Berman's specialty finance unit, is a committed credit facility that can be drawn down in tranches. Ripple Prime President Noel Kimmel stated that this facility establishes a unified credit structure covering major asset classes, combining blockchain technology with traditional prime brokerage services to enhance financing efficiency and flexibility for clients' cross-asset trading. (Bloomberg)