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MOONPAY’S HIGH-STAKES BET ON TRUMP MEME COIN ENDS IN A CRASH MoonPay tapped Ripple and Galaxy Digital for $160M in emergency loans after underestimating demand for the TRUMP token. With its BlackRock reserves inaccessible, the firm scrambled for capital as trading volume… https://t.co/GMMzzC96qI
Galaxy and Ripple answered MoonPay's scramble for $160 million amid Trump memecoin frenzy https://t.co/Y0DntKBTsB
[COINDESK] Ripple, Galaxy Execs Loaned $160M to Moonpay So That They Could Support TRUMP Memecoin Launch $XRP $TRUMP
MoonPay secured a $160 million loan from Galaxy Digital and Ripple to manage the overwhelming demand for the launch of Donald Trump's official memecoin, $TRUMP, issued on January 18. The partnership was crucial as MoonPay faced a liquidity crisis due to unexpectedly high trading volumes. The situation escalated after MoonPay's reserves with BlackRock became inaccessible, prompting the need for emergency financing to support the memecoin's launch and trading activities.