Ripple Raises $275 Million to Expand U.S. Institutional Finance Business
Summary
- Ripple said it completed a private placement of $275 million in senior unsecured notes to raise funds.
- Ripple said it plans to use the proceeds to expand its U.S. financial businesses, including lending, clearing and prime brokerage.
- Ripple said it is aggressively expanding its institutional financial business through the Hidden Road acquisition and the launches of RippleUSD (RLUSD) and Ripple Mint.
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Ripple has raised $275 million to expand its U.S. financial services business for institutional clients.
Cointelegraph reported on August 19 that Ripple completed a private placement of senior unsecured notes on August 18 through Ripple Prime, its prime brokerage affiliate. Senior unsecured notes are debt securities issued without collateral and backed by the issuer’s credit.
Ripple plans to use the roughly $275 million in proceeds to expand its U.S. financial businesses, including lending, clearing and prime brokerage. The company entered the prime brokerage market with its $1.25 billion acquisition of Hidden Road last year.
Ripple has been aggressively expanding its institutional business. Last month, it launched Ripple Mint, a service that helps institutions issue, redeem and manage the dollar stablecoin RippleUSD (RLUSD).
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul