Ripple Prime Secures $275M Funding through Senior Unsecured Notes

Ripple Prime, an affiliate of Ripple's institutional finance business, has raised $275 million in funds to expand its U.S. operations through a private placement of senior unsecured notes.

The issuance was led by Piper Sandler and the proceeds will be used for working capital at regulated entities and general corporate purposes.

Ripple Prime's credit quality is still assessed as heavily reliant on parent Ripple's ability to provide financial support, particularly its XRP holdings, according to KBRA, a credit rating agency.