TechFlow 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 the Trump meme coin (TRUMP). Galaxy Digital provided $100 million, while Ripple contributed $60 million.
The financing primarily addressed two critical issues: first, MoonPay needed to maintain sufficient crypto reserves (mainly USDC) to handle the surge in TRUMP token trading volume over the weekend; second, as the exclusive payment service provider for the Moonshot app, MoonPay required ample crypto reserves because a significant portion of its funds were locked in traditional finance accounts at BlackRock and could not be accessed over the weekend. MoonPay reportedly repaid all loans by the following Tuesday afternoon.
The TRUMP token is traded through Moonshot, a mobile application supported by MoonPay, allowing users to purchase it via credit and debit cards. In its first week, MoonPay gained 750,000 new users. The token averaged daily trading volumes exceeding $20 billion in the first five days after launch, with its market capitalization briefly surpassing $73 billion. The current trading price of TRUMP is $15.37, down 79% from its historical high.
