Ripple Prime secures institutional margin expansion with a $200 million credit line from Neuberger

Blockchain payments company Ripple’s institutional business unit, Ripple Prime, has secured a $200 million asset-backed revolving credit line provided by Neuberger Berman (诺伯格．柏曼)’s special finance division, to expand its margin lending business. According to Bloomberg, Ripple Prime can draw funds in tranches based on institutional investors’ borrowing demand for stocks, fixed income, and crypto assets, up to a maximum total of $200 million.

Credit facility structure: cross-asset classes, single credit structure

The feature of this credit line is a “single credit structure across asset classes.” With funds secured by collateral, Ripple Prime can support institutional clients’ margin trading simultaneously across traditional equities, fixed income products, and crypto assets such as bitcoin and ether. For institutional traders, this means they can execute leverage across markets from the same brokerage account, without needing to apply for credit separately for each type of asset.

Ripple Prime President Noel Kimmel said: “This facility establishes a unified credit structure for a multi-asset class, directly expanding our ability to conduct financing trades for clients and manage risk.” The funds come from Neuberger Berman’s “Specialty Finance Group,” the private credit line of the asset management firm.

Significance for the Ripple Group: moving from XRP issuer to an institutional service provider

Ripple Prime is the result of business integration following Ripple’s 2024 acquisition of digital asset broker Hidden Road. It is positioned to provide institutional clients with cross-asset matching and custody services. Securing this $200 million credit facility is the first institutional-level credit Ripple Prime has obtained from a traditional asset management giant since the integration.

Neuberger Berman is a long-established U.S. asset manager managing more than $500 billion in assets. Its private credit funds have expanded rapidly in recent years (its fifth-generation private credit fund raised $7.3 billion in 2025). Extending its credit resources to crypto-asset margin lending institutions means traditional credit funds are beginning to view “crypto brokers” as counterparties they can underwrite.

Market significance: scaling of institutional margin lending

Institutional margin lending is a key link in the crypto institutional business chain—when hedge funds, market makers, and family offices need to use leverage on assets such as BTC, ETH, and XRP, traditional banks typically do not provide credit and the market must rely on crypto-native lenders. In the past, this market was dominated by a small number of players including Genesis and Galaxy, and the cost of capital was relatively high.

As credit resources at the asset-manager-giant level enter this pipeline, the supply side of institutional margin lending is expected to gradually align with traditional finance, with financing costs possibly falling and scale potentially expanding as well. Ripple Prime securing this $200 million credit line is a concrete signal of this shift.

Events to watch next include: the scale at which Ripple Prime actually draws on the credit facility, growth in margin trading volume among institutional clients, and whether other asset management firms follow by underwriting similar credit lines.

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