Listen to this articleRipple Prime, Ripple’s multi asset prime brokerage platform, secured a $200 million asset backed debt facility from funds managed by Neuberger Specialty Finance (part of Neuberger Berman).
This is a revolving credit line that Ripple Prime can draw down up to the full $200 million amount flexibly, based on evolving client demand. Proceeds fund expanded lending and margin financing to institutional clients trading across traditional assets (equities, fixed income, FX) and digital assets (including crypto like XRP and Ripple’s RLUSD stablecoin). The facility is collateralized by Ripple Prime’s existing loan book, creating a scalable, self reinforcing structure where increased client activity supports greater borrowing capacity.
Ripple acquired Hidden Road, a fast growing non-bank prime broker, for $1.25 billion in 2025 (completed around October). The platform was rebranded as Ripple Prime, positioning Ripple as the first crypto native company to own and operate a global, multi asset prime brokerage offering clearing, financing, and prime services.
Since the acquisition, Ripple Prime has tripled its revenue year over year, driven by rising institutional demand for unified services. It now clears over $3 trillion annually. This facility directly addresses prior balance sheet constraints that limited growth at Hidden Road, enabling scaled margin offerings without Ripple needing to deploy its own capital at the same level.
Key Features and Benefits:
- Flexibility: Phased drawdowns tied to actual needs, avoiding idle capital or overextension.
- Unified Margin: Clients access leverage across asset classes through a single counterparty and framework, simplifying operations for institutions blending TradFi and crypto strategies.
- Capital Efficiency: Asset backed nature and collateral from the loan book allow dynamic scaling while maintaining rigor.
- Compliance and Scale: Combines fintech agility with bank level compliance, appealing to sophisticated institutional allocators.
Quotes highlight alignment:
- Noel Kimmel (President, Ripple Prime): Emphasizes dependable financing, increased margin capacity, responsiveness, and capital efficiency, noting Neuberger’s expertise.
- Peter Sterling (Head, Neuberger Specialty Finance): Praises Ripple Prime’s innovative platform at the nexus of traditional and expanding markets.
Neuberger Berman manages approximately $567 billion in client assets (as of recent figures around early 2026). Its Specialty Finance arm focuses on asset based investments, making this a natural fit for a secured facility backed by prime brokerage loans. The partnership signals growing TradFi comfort with crypto adjacent infrastructure from a regulated player like Ripple.
This move strengthens Ripple’s position in institutional crypto infrastructure amid rising corporate and institutional allocations to digital assets (Ripple has projected over $1 trillion by end-2026). It differentiates Ripple Prime from competitors like Coinbase Prime, Galaxy Digital, or FalconX by backing margin books with dedicated TradFi capital from a major asset manager.
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Broader signals:
- Deepening TradFi crypto integration.
- Demand for reliable, scaled counterparties in volatile markets.
- Reduced risk of past crypto lending pitfalls through demand linked deployment and collateralization.
For Ripple overall, it bolsters its ecosystem (payments, custody, RLUSD, XRP Ledger) with robust institutional trading and financing rails, potentially driving synergies like increased XRP/RLUSD usage in margin and settlements.
As debt, the facility carries interest costs and repayment obligations, with potential covenants or collateral requirements typical of asset based lending. Drawdowns increase leverage exposure, though the structure mitigates this by tying it to client collateral and activity. Success depends on sustained client growth and market conditions; rapid drawdown would indicate strong demand, while slower uptake might reflect caution in leverage usage.
This $200M facility represents a targeted, efficient capital raise that accelerates Ripple Prime’s post acquisition momentum, enhances its competitive edge in multi asset prime services, and underscores Ripple’s maturation as a bridge between traditional finance and digital assets. It directly supports institutional adoption trends while leveraging Ripple’s regulatory and technological strengths.
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