Ripple extends a credit line from $ 75 million to Gemini as Exchange pursues the IPO.



Gemini’s long presentation of Opi called the giant of the Ripple payments, and the exchange reveals a credit line of $ 75 million of the company along with a strong financial loss.

In the documents submitted to the United States Stock Exchange and Securities Commission (SEC) on August 15, Gemini revealed a net loss of $ 282.5 million for the first half, an increase of almost seven times with respect to the deficit of $ 41.4 million a year earlier. The income fell to $ 67.9 million of $ 74.3 million.

The presentation puts Gemini, who plans to use the “GEMI” ticket in Nasdaq, online to become the third cryptographic exchange to publicly trade in the US One week.

Ripple’s role in the list stood out. In the presentation, Gemini said he entered a credit agreement with Ripple Labs in July that granted access to up to $ 75 million in loans, with the option of extending the installation to $ 150 million if certain metrics are fulfilled.

Each reduction must be at least $ 5 million and has interests of 6.5% or 8.5%, insured against the guarantee.

In addition, once the loans exceed the initial $ 75 million, the requests can be called RLUSD Stablecoin de Rlusd backed by Dollar de Ripple. At the date of presentation, however, there were no loans under installation

The credit agreement with Gemini places Rlusd directly in the mixture as a liquidation option for an important US negotiation platform. UU., An early indication that Ripple wants its stablecoin to compete together with the two market leaders, the USDT and the USDC of Tether, issued by Circle Internet (CRCL).

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