MoonPay: Previously received $160 million emergency loan from Ripple and Galaxy to support TRUMP transaction
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MoonPay: Previously received $160 million emergency loan from Ripple and Galaxy to support TRUMP transaction
According to Decrypt, MoonPay President Keith Grossman revealed that the company secured a total of $160 million in emergency loans from Galaxy Digital and Ripple to meet the massive transaction demand during the initial listing of Trump meme coin (TRUMP). Galaxy Digital provided $100 million, while Ripple contributed $60 million. The TRUMP token is available through Moons, a mobile app supported by MoonPay.
Navigating Web3 tides with focused insightsTechFlow news, according to Decrypt, MoonPay President Keith Grossman revealed that the company secured a total of $160 million in emergency loans from Galaxy Digital and Ripple to meet the massive trading demand during the initial launch of Trump meme coin (TRUMP). Galaxy Digital provided $100 million, while Ripple contributed $60 million.
The financing was primarily used to address two core issues: first, MoonPay needed to maintain sufficient crypto reserves (mainly USDC) to cope with the surging weekend trading volume of the TRUMP token; second, as the exclusive payment service provider for the Moonshot app, MoonPay required adequate crypto reserves because a significant portion of its funds were locked in BlackRock's traditional financial accounts and could not be accessed over weekends. It is reported that MoonPay fully repaid all loans by the following Tuesday afternoon.
The TRUMP token is traded via the Moonshot mobile application supported by MoonPay, allowing users to purchase using credit and debit cards. In the first week after the token’s launch, MoonPay added 750,000 new users. The token averaged over $20 billion in daily trading volume during the first five days post-launch, with its market capitalization briefly surpassing $73 billion. The current trading price of TRUMP is $15.37, down 79% from its historical high.
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