Enterprise blockchain firm Ripple has secured a $200 million debt facility from Neuberger Specialty Finance, a division of $600 billion investment management behemoth Neuberger.
The aforementioned sum is operational capital for Ripple Prime, which is the company’s institutional brokerage arm. It is not equity funding for Ripple itself.
A vote of confidence
According to the company, Ripple Prime has managed to triple its year-over-year revenue since the platform was acquired in 2025.
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A prime broker acts as a VIP concierge and a bank rolled into one. It offers such services as trade execution, custody, margin financing, and so on.
Essentially, Ripple Prime is essentially attempting to be the Goldman Sachs of the Web3 era as a “multi-asset” prime broker.
This operational model explains exactly why Ripple Prime sought out a $200 million debt facility from Neuberger Specialty Finance.
Institutional traders demand leverage. When a hedge fund spots an arbitrage opportunity, they need to borrow capital instantly to execute the trade at scale. Ripple Prime needs a highly liquid balance sheet to lend to these clients on demand.
The $200 million from Neuberger acts as a wholesale capital reservoir. Neuberger lends the money to Ripple. Ripple Prime then breaks that capital down and lends it to its institutional clients in the form of margin financing. It takes a premium on the interest and transaction fees.
“Dependable access to financing and balance sheet strength are critical to institutional participants in today’s dynamic markets,” noted Noel Kimmel, President of Ripple Prime. Kimmel emphasized that the facility will directly translate to “increased margin capacity” for their clients.
The willingness of a blue-chip traditional asset manager like Neuberger to underwrite a $200 million credit line for a crypto-centric prime broker is quite notable because it shows a change in risk appetite.
For years, the cryptocurrency market suffered from severe fragmentation and a lack of reliability. Now, however, traditional behemoths are increasingly comfortable supplying the capital. The result is a market that looks less like the “Wild West.”