Ripple Prime, the institutional prime brokerage arm of Ripple, has secured a $200 million debt facility from Neuberger Specialty Finance, a move that significantly expands its capacity to offer margin financing to institutional clients trading across traditional and digital asset classes. The credit line, announced on Monday, underscores the growing convergence between Wall Street credit and the crypto sector, as prime brokers increasingly take on balance-sheet-intensive operations to meet client demand.
According to the company, the funds will be used to enhance margin lending capabilities for clients dealing in equities, fixed income, and cryptocurrencies. Margin financing allows traders to borrow against collateral to amplify their positions, a service that has become a key differentiator in the competitive prime brokerage landscape. Ripple Prime now clears over $3 trillion in annual trading volume across more than 300 institutional clients, positioning it as a major player in both traditional and digital markets.
The deal follows Ripple's $1.25 billion acquisition of Hidden Road in April 2025, which laid the groundwork for expanding its prime brokerage services. Hidden Road, a multi-asset prime broker, handled roughly $3 trillion in annual volume prior to the acquisition and served over 300 institutional customers. The integration has driven a tripling of revenue for Ripple Prime year-over-year, fueled by increased client engagement and rising demand for institutional-grade financing solutions.
Noel Kimmel, head of Ripple Prime, highlighted the strategic importance of the new facility, stating that it provides "increased margin capacity" and "improved capital efficiency" for the firm. He emphasized that robust balance sheets and flexible financing options are becoming critical for institutional clients navigating both traditional and digital markets.
Peter Sterling, who leads Neuberger Specialty Finance, described Ripple Prime as a firm that combines "fintech-grade technology and agility" with "bank-level compliance." He noted that Neuberger's backing reflects confidence in Ripple Prime's ability to bridge the gap between conventional financial markets and the rapidly growing digital-asset ecosystem.
The credit line intensifies competition among crypto prime brokers, including Coinbase Prime, FalconX, and Kraken Prime. Each of these platforms offers a mix of trading, custody, liquidity, and financing services to institutional investors. Coinbase Prime provides trading, financing, custody, and staking tools, while FalconX focuses on financing and liquidity. Kraken Prime integrates trading, custody, and financing on a single platform. Ripple Prime's expanded margin capabilities could help it capture a larger share of this market, particularly as institutional interest in digital assets continues to grow.
However, margin lending carries inherent risks. While it amplifies potential gains, it also magnifies losses if asset prices decline. Clients may be required to post additional collateral or face forced liquidation of positions if collateral values fall sharply. Ripple Prime may also draw less than the full $200 million if market volatility increases or if client borrowing demand softens.
Neuberger's involvement signals a broader trend of traditional financial institutions extending credit to crypto-focused firms, particularly those with strong compliance and risk management frameworks. As of December 31, 2025, Neuberger Private Markets managed over $155 billion in investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. This facility represents a bet on the infrastructure of financial markets rather than a direct speculation on token prices.
With the new credit line, Ripple Prime is well-positioned to meet the evolving needs of institutional clients seeking integrated financing solutions across asset classes. The move also underscores the maturation of the crypto prime brokerage sector, as firms increasingly rely on traditional credit sources to support their growth.
