Gemini’s long-awaited IPO archiving drawn fresh attention to the payment giant Ripple, with the exchange revealed a $ 75 million credit line from the company along with a steep financial loss.
In documents submitted to the US Securities and Exchange Commission (SEC) on August 15, Gemini revealed a net loss of $ 282.5 million for the first half, a nearly seven times increase from $ 41.4 million a year deficit. Revenue dropped to $ 67.9 million from $ 74.3 million.
The archiving puts Gemini, who plans to use the ticker “Gemi” on Nasdaq, in line to become the third crypto exchange to act publicly in the United States after Coinbase (Coin), which debuted at Nasdaq in 2021, and Bullish (BLSH), the owner of Coindesk, whose shares noted on New York Stock Exchange for a week ago.
Ripple’s role in the listing stood out. In the filing, Gemini said it signed a credit agreement with Ripple Labs in July, giving access to up to $ 75 million in loans, with the opportunity to expand the plant to $ 150 million if certain measurements are met.
Each withdrawal must be at least $ 5 million and has either 6.5% or 8.5%, secured against security.
In addition, when borrowing exceeds the first $ 75 million, requests may be denominated in Ripple’s dollar-backed RLUSD stableCoin. From the filing date, however, no loan was deducted
The credit agreement with Gemini sets RLUSD directly in the mixture as a settlement option for a major US trading platform – an early indication that Ripple wants its stablecoin to compete with the two market leaders, Tether’s USDT and USDC, issued by Circle Internet (CRCL).
