Ripple has raised $200 million from asset manager Neuberger Berman to grow its Ripple Prime platform. The investment comes as the company says Prime's revenue tripled in the year after Ripple bought the business for $1.25 billion.
Prime's growth trajectory
Ripple Prime provides institutional clients with liquidity and trading services for digital assets. The revenue jump followed Ripple's acquisition last year, which folded the platform into its broader payments and infrastructure offerings. The company hasn't detailed exactly how it will use the new capital, but the funding is set to accelerate Prime's expansion.
Neuberger Berman's bet
Neuberger Berman, a large asset manager overseeing hundreds of billions, led the round. The firm has been active in crypto investments, though this is its first public backing of Ripple. Ripple didn't disclose whether other investors participated or the valuation at which the money was raised.
The deal signals continued institutional appetite for crypto prime brokerage services, a niche that has drawn players like FalconX and Coinbase Prime. Ripple Prime competes in that space, offering execution, custody, and credit to funds and corporate treasuries.
Ripple plans to use the $200 million to scale Prime's technology and hire more staff, according to a person familiar with the matter. The platform is expected to add support for additional digital assets and expand into new regions. Ripple has not set a public timeline for those moves.
