The post Ripple, Galaxy Execs Fronted $160M to MoonPay Amidst Trump Memecoin Frenzy appeared on BitcoinEthereumNews.com.

In a high-stakes move to manage an unexpected surge in demand, Brad Garlinghouse from Ripple and Galaxy Digital’s Mike Novogratz provided a combined $160 million in emergency funding to crypto payments platform MoonPay. The loan enabled MoonPay to support the launch of TRUMP, a memecoin directly associated with former U.S. President Donald Trump. The Weekend Liquidity Crisis The dramatic liquidity crunch unfolded on Saturday, January 18, the day TRUMP was issued. MoonPay found itself in a bind as trading volume exploded, and its fiat accounts remained inaccessible due to the weekend—compounded by the upcoming public holiday on Monday for Trump’s swearing-in ceremony. The firm needed over $100 million in liquidity to sustain the overwhelming trading demand but had no immediate access to its reserves. With MoonPay’s fiat operations locked down, a short-term loan became the only viable solution to ensure trading continued uninterrupted. First Loan: Galaxy Digital Steps In Recognizing the urgency, MoonPay executives, including President Keith Grossman, CEO Ivan Soto-Wright, and CFO Mouna Siala, reached out to Galaxy Digital founder Mike Novogratz. The firm sought an initial $100 million in USD Coin (USDC) to maintain trading operations. After quick negotiations, Novogratz agreed to provide the funds. To finalize the loan, MoonPay swiftly assembled the necessary documentation, undergoing an expedited vetting process with a BlackRock executive, as MoonPay’s reserve funds were held with the investment giant. Unprecedented Demand Leads to a Second Loan However, the demand for the TRUMP token was far greater than anticipated. Within 48 hours, the token’s market capitalization soared from $200 million at launch to over $10 billion. Trading volumes surpassed $20 billion, and TRUMP secured listings on multiple exchanges, including both spot and futures markets. To make matters more complex, former First Lady Melania Trump also entered the scene, launching her own memecoin, MELANIA. The…

---

Filed under: News - @ February 12, 2025 8:19 pm