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The wall separating traditional Wall Street infrastructure and the digital asset ecosystem continues to erode. Ripple has secured a $200 million debt facility from Neuberger Specialty Finance, a division of Neuberger, an investment management firm with $600 billion in assets under management.
The facility is described as operational capital for Ripple Prime, Ripple’s institutional brokerage arm. It is not equity funding for Ripple itself.
Ripple Prime has positioned itself as a multi-asset prime broker, offering services that include trade execution, custody, and margin financing. The company’s stated goal is to provide institutional-grade brokerage capabilities for digital asset markets.
In this model, the $200 million debt facility functions as a wholesale capital reservoir. Neuberger provides the funding to Ripple, and Ripple Prime then allocates that capital to institutional clients through margin financing. Ripple Prime earns a premium through interest and transaction fees.
Ripple said Ripple Prime has tripled its year-over-year revenue since the platform was acquired in 2025.
The article links the facility to institutional demand for leverage. It notes that when hedge funds identify arbitrage opportunities, they need to borrow capital quickly to execute trades at scale. Ripple Prime therefore requires a highly liquid balance sheet to provide financing on demand.
Noel Kimmel, President of Ripple Prime, said: “Dependable access to financing and balance sheet strength are critical to institutional participants in today’s dynamic markets.” Kimmel added that the facility is expected to translate into “increased margin capacity” for Ripple Prime’s clients.
The willingness of a traditional, large asset manager to underwrite a $200 million credit line for a crypto-focused prime broker is presented as notable, suggesting a shift in risk appetite. The article argues that, compared with earlier periods marked by fragmentation and reliability concerns, traditional capital providers are increasingly comfortable supplying funding—potentially making the market look less like the “Wild West.”
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