Ripple and Galaxy Provide $160 Million Loan to MoonPay for TRUMP Token Launch
MoonPay secured loans from Galaxy and Ripple to manage the demand following the launch of Donald Trump's memecoin, TRUMP, on January 18.
- Launch coincided with Trump's swearing-in ceremony.
- Market cap surged from $200 million to over $10 billion within 48 hours.
- Over $20 billion in trading volumes recorded in two days.
- MoonPay faced liquidity issues due to weekend and holiday, unable to access $100 million needed.
- First loan was arranged with Galaxy's Novogratz after verifying repayment ability with BlackRock.
- Escalating demand led to a second loan request of $60 million from Ripple.
- MoonPay repaid both loans by January 21 after accessing reserve funds.
- Onboarded 750,000 new users that week.
- TRUMP token prices have dropped 79% since their peak on January 19.