- Galaxy and Ripple contributed $160 million in loans to MoonPay.
- The blockchain companies intervened when MoonPay could not access its funds.
- The loan enabled MoonPay to carry out its responsibilities during TRUMP’s launch.
According to reports, blockchain companies Galaxy and Ripple contributed $160 million in loans to MoonPay, helping them handle demands for the launch of TRUMP, Donald Trump’s official memecoin, on January 18. MoonPay struggled to access its fiat accounts during the weekend before Trump’s inauguration.
MoonPay’s Liquidity Challenge During $TRUMP Launch
Apart from the weekend effect, the following Monday, the inauguration day, was a holiday. With offices closed, MoonPay’s lack of access to its funds extended and jeopardized its goal of securing the $100 million in liquidity required to meet TRUMP’s trading demand.
Related: Trump Memecoins Thrive Ahead of Election, Defying Market Trends
Notably, the incident, which became public during a recent podcast, highlights cryptocurrency’s benefits, showing the near-limitless potential of the technology. Completing the transaction over an extended weekend that merged into a national holiday proves that neither day nor time can limit this innovation. It embodies a key quality that early crypto advocates championed to pitch the new system over conventional finance.
Emergency Loan Measures and Industry Praise
During the podcast, MoonPay President Keith Grossman narrated how the skyrocketing demand following TRUMP’s launch caused the exchange to seek an emergency bailout. In a few minutes, Grossman closed a loan deal with the Galaxy team for $100 million, which MoonPay would pay back after a few days.
TRUMP token’s sudden surge forced MoonPay to seek additional funds just hours after its $100 million deal with Galaxy. Grossman revealed that Ripple’s executive Brad Garlinhouse stepped in over the same weekend with another $60 million. Beyond showcasing the strengths of crypto transactions, Grossman took the podcast as a chance to commend the Galaxy and Ripple teams, praising them as outstanding figures in the crypto arena.
Related: Trump Coin Surge: Solana-Based Meme Coins to Watch for 50% Gains
Launched a few days before President Trump’s swearing-in, the $TRUMP memecoin saw its market cap soar from roughly $200 million at issuance to over $10 billion in under two days.
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