Ripple Prime Secures $200 Million Asset-Backed Debt Financing from Neuberger Berman

Odaily Odaily, Ripple Prime, the prime brokerage arm of Ripple, has completed an asset-backed debt financing of up to $200 million through the specialty finance team of global asset management firm Neuberger Berman. The funds will be used to expand the 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 the borrowing needs of institutional clients.

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