Galaxy and Ripple loans played a fundamental role in helping Crypto Exchange Moon Pay manage the demand derived from the launch of the official Memecoin of Donald Trump after its broadcast of January 18, reveals a new podcast.
Trump threw himself days before the president’s sworn ceremony. The launch of the Token was a surprise movement that made it the first president to be directly related to a memory.
The market capitalization of the Token approached almost $ 200 million in the issuance of more than $ 10 billion in 48 hours: lists of futures and lists of futures in exchanges and more than $ 20 billion in commercial volumes for two days.
The mass demand occurred on a Saturday, when Moonpay’s fiduciary accounts were inaccessible due to the weekend with a holiday the following Monday for the swear.
The situation meant that Moonpay could not easily access more than $ 100 million in liquidity required to meet Trump’s commercial demand, leaving a short -term loan as the only option to ensure that businesses were as usual.
The president of Moonpay, Keith Grossman, along with the Ivan Soto-Wright CEO and Financial Director Moon Siala, estimated that the company needed around $ 100 million in USD Coin Stablcoin.
It was then that Novogratz was contacted for a loan. After ensuring an agreement, Moonpay quickly prepared the necessary documentation and verified his ability to pay after research with a Blackrock Executive, where Moonpay maintained his reserve funds.
However, Trump’s token demand continued to increase and Melania tokens of the first lady Melania Trump also launched, which led to the $ 100 million were insufficient to meet the liquidity requirements. That pushed Moonpay to look for another $ 60 million in funds. Grossman then connected with Ripple’s Garlinghouse, stating that he had “underestimated the demand of this Trump token.”
Ripple contributed the additional $ 60 million after an exhaustive investigation, including a Moonpay Wright promise for all its personal assets. Moonpay had to demonstrate that there were no levies in his reserve capital.
Moonpay reimburses all loans in its entirety on January 21, on a Tuesday after the long weekend when he could finally access his reserve funds. The company incorporated 750,000 new users that week.
Trump’s prices, despite their successful launch, have dropped 79% since its peak of January 19.
