Loans from Galaxy and Ripple played a key role in helping Crypto Exchange Moonpay deal with demand derived from the launch of Donald Trump’s official Memecoin after his 18th January. Issuing, reveals a new podcast.
Trump launched days before the president’s swinging ceremony. The token launch was a surprising feature that made him the first president to ever relate to a Memecoin.
Token’s market capitalization zoomed from nearly $ 200 million to issuance to over $ 10 billion within 48 hours – sack space and futures lists across exchanges and over $ 20 billion in trading volumes over two days.
The enormous demand came on a Saturday when Moonpay’s Fiat accounts were inaccessible due to the weekend with a holiday the following Monday to the difficulty.
The situation meant that Moonpay could not easily access over $ 100 million in liquidity required to meet Trump’s trade needs – leaving a short -term loan as the only option to make sure the business went as usual.
Moonpay President Keith Grossman, together with CEO Ivan Soto-Wright and CFO Mouna Siala, estimated that the company needed about $ 100 million value of USD COIN STABLECOIN.
That’s when Novogratz was contacted for a loan. After securing an agreement, Moonpay quickly prepared the necessary documentation and confirmed their ability to repay after vetting with a blackrock director where Moonpay had his reserve funds.
However, the demand for the Trump token continued to escalate, and First Lady Melania Trump’s Melania tokens was also launched, led to the $ 100 million being inadequate to meet liquidity requirements. It pressed Moonpay to seek another $ 60 million in funds. Grossman was then associated with Ripple’s Garlinghouse and said he had “underestimated the demand of this Trump token.”
Ripple contributed the additional $ 60 million needed after a thorough control, including a promise of Moonpay’s Wright for his entire personal assets. Moonpay also had to prove that there were no mortgage rights on its reserve capital.
Moonpay repaid all loans fully on January 21, a Tuesday after the long weekend when it could finally access its reserve funds. The company boarded 750,000 new users that week.
The prices of Trump have, despite his blockbuster, launch down 79% since its 19th January -top.
