The loans of Galaxy and Ripple played a central role by helping the exchange of Crypto Moonpay to manage the demand resulting from the launch of Donald Trump’s official same after his 19 January, A new podcast reveals.
Trump launched a few days before the president’s swearing ceremony. The launch of tokens was a surprise decision that made him the very first president to be directly linked to a same.
The token market capitalization increased from nearly $ 200 million to the issue to more than $ 10 billion in 48 hours – points lists and term contracts and more than $ 20 billion in volumes negotiation over two days.
Massive demand came on a Saturday, when the Moonpay Fiat accounts were inaccessible due to the weekend with a public holiday the following Monday for the oath.
The situation meant that Moonpay could not easily access more than $ 100 million in liquidity necessary to meet Trump’s negotiation demand – leaving a short -term loan as the only option to ensure that the company went as per usual.
The president of Moonpay, Keith Grossman, as well as CEO Ivan Soto-Wright and CFO Mouna Siala, said that the company needed around $ 100 million stable of USD parts.
It was then that Novogratz was contacted for a loan. After obtaining an agreement, Moonpay quickly prepared the necessary documentation and verified their ability to reimburse after checking with a BlackRock framework, where Moonpay held its reserve funds.
However, the demand for the Trump token continued to degenerate and the Melania tokens of First Lady Melania Trump were also launched, which led the insufficient $ 100 million to meet the liquidity requirements. This prompted Moonpay to seek an additional $ 60 million in funds. Grossman then connected to Garlinghouse de Ripple, declaring that he had “underestimated the request of this Trump token”.
Ripple has contributed the additional $ 60 million necessary after an in -depth verification, including a Moonpay Wright commitment for all personal assets. Moonpay also had to prove that there were no privileges on his reserve capital.
Moonpay reimbursed all loans in its entirety on January 21, a Tuesday after the long weekend where he could finally access his reserve funds. The company joined 750,000 new users that week.
Trump prices, despite its successful launch, have been down 79% since its peak on January 19.