Ripple said the $275 million raised will support its expansion into traditional financial services such as prime brokerage and multi-asset clearing, citing strong demand from institutions. Ripple raised $275 million in a senior note offering that closed on Tuesday to support blockchain enterprise solutions provider’s ongoing US business expansion into financial services. The senior unsecured notes were issued in a private placement by the company’s non-bank prime brokerage, Ripple Prime, the company announced on Tuesday. Ripple said the note offering attracted a diverse base of institutional investors from financial markets. Ripple Prime President Noel Kimmel said that the support received during the note offering is a signal of “confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure.” Read more
Ripple is bringing its cross-border payments platform to Jeonbuk Bank, but key details including its launch status and settlement asset remain undisclosed. South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers. On Tuesday, Ripple said its Ripple Payments platform would let the bank’s customers settle overseas transfers in seconds to minutes, with operations around the clock. The service targets businesses including import-export companies, technology startups and online content creators. Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days. Read more
Ripple made a strategic investment in Zilo and Licuido as it looks to enable the use of tokenized funds as collateral from the point of issuance. Ripple announced two new strategic investments as the blockchain-focused fintech seeks to expand access to tokenized financial assets on its blockchain ledger. The company said it made strategic investments in Zilo, which provides global transfer agency asset solutions for wealth managers, and in Licuido, a tokenization solutions provider regulated by the UK Financial Conduct Authority, according to a Monday announcement. Financial details for the investments were not provided. UK-based Zilo has raised $58.7 million in total equity funding, according to data compiled by Traxcn. Licuido is also based in the UK. Read more
Ripple launches Mint to expand RLUSD access for institutions as the stablecoin’s market cap approaches $1.6 billion. Ripple, a blockchain-focused fintech company, has launched Ripple Mint, a platform that gives institutions new ways to access, mint, redeem and manage its US dollar-pegged stablecoin, Ripple USD (RLUSD). The company announced Ripple Mint on Thursday, describing it as a unified platform that lets institutions manage RLUSD through a web interface or direct application programming interface (API) integrations. “Ripple Mint is built to give institutions flexible access to digital dollars through the workflows that fit their needs,” Ripple said, adding that the platform is designed to support both manual operations and automated integrations as institutions adopt stablecoins for payments, trading and treasury activities. Read more
The Luxembourg approval completes the company's MiCA licensing process, enabling it to provide regulated crypto-asset services across the European Economic Area. Ripple said it has received full authorization under the European Union's MiCA crypto framework after Luxembourg's financial regulator granted the company a Crypto Asset Service Provider (CASP) license. The authorization follows Ripple's preliminary approval in June and, together with the company's existing Electronic Money Institution license, allows the blockchain payments company to offer regulated crypto-asset services across the European Economic Area (EEA). Ripple said the approval makes it one of a small number of digital asset companies with full authorization under MiCA. The company now holds more than 75 regulatory licenses worldwide, including authorization from the United Kingdom's Financial Conduct Authority secured in January. Read more