XRP’s Price Finds a Powerful Catalyst as Ripple Secures Funding from a $570 Billion Investment Giant

Ripple just secured a $200 million funding deal from Neuberger Berman on Monday, as its Ripple Prime unit reported that its revenue tripled over the last year. This influx of cash from one of the world’s largest investment firms serves as a major sign that big banks are ready to use Ripple’s technology.

As more institutions join the XRP network, the demand for Ripple’s services will continue to rise. This could act as a powerful catalyst for XRP’s price (XRP-USD). Since every trade on the XRP network burns a tiny fraction of the XRP coin to pay for fees, a higher number of professional users leads to a smaller supply over time. This reduction in the number of available coins helps push the value of XRP higher as more banks compete to use the XRP Ledger.

Ripple Prime Triples its Yearly Revenue

Ripple’s business is growing at an incredible speed since it bought a firm called Hidden Road for $1.25 billion last year. After changing the name of the service to Ripple Prime, the unit’s revenue tripled in 12 months. This platform helps big banks and professional traders move their wealth between traditional stocks and digital assets in one place.

Because more of these massive companies are using Ripple’s system, the entire network is becoming a central part of how the world moves money.

Neuberger Berman Provides New Funding

Neuberger Berman, a massive investment firm that manages $570 billion, provided the $200 million to help the platform expand. This new money gives Ripple more power to help its clients borrow what they need to make larger trades. Noel Kimmel, the leader of Ripple Prime, explained that having a strong bank account is vital for big investors today.

With the help of Neuberger Berman, the platform can now offer better features and more stability to its growing list of professional customers.

At the time of writing, XRP’s price is sitting at $1.47.