MoonPay Received a $160 Million Loan from Galaxy and Ripple to Handle Demand from the Launch of Donald Trump's Official Memecoin $TRUMP

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.

Blockchain companies Galaxy and Ripple played a crucial role in helping cryptocurrency exchange MoonPay meet the massive demand for Donald Trump's official memecoin, $TRUMP, upon its launch on January 18, according to reports.

A total $160 million loan from @galaxyhq and @Ripple played a key role in helping @moonpay handle demand from the launch of @realDonaldTrump's official memecoin when $TRUMP was issued on Jan. 18. By @shauryamalwa.https://t.co/72EMzWWJya

MoonPay’s Liquidity Challenge During $TRUMP Launch

MoonPay’s fiat accounts were inaccessible over the weekend leading up to Trump's inauguration due to the holiday. This presented a challenge for the exchange, which needed to access its funds to fulfill the liquidity requirement of $100 million for TRUMP's trading demand.

However, the quick actions of Galaxy and Ripple, in response to MoonPay's urgent request for funds, ensured that the exchange was able to meet the demand for Trump's memecoin.

Related: Trump Memecoins Thrive Ahead of Election, Defying Market Trends

The incident, which was disclosed during a recent podcast, also highlights the benefits of cryptocurrency, showcasing the technology's potential to facilitate transactions rapidly and efficiently. Completing the transaction over an extended weekend that merged into a national holiday demonstrates the ability of cryptocurrency to operate seamlessly irrespective of day or time. This capability aligns with a key attribute that early crypto advocates highlighted to promote the new system over conventional finance.

Emergency Loan Measures and Industry Praise

During the podcast, MoonPay President Keith Grossman described how the exchange encountered a scenario where it had to perform a last-minute bailout due to the massive demand following TRUMP’s launch. In a matter of minutes, Grossman closed a loan deal with the Galaxy team for $100 million, which MoonPay would repay after a few days.

The TRUMP token's surprising surge prompted MoonPay to seek additional funds just hours after its $100 million deal with Galaxy. Grossman disclosed that Ripple’s executive Brad Garlinghouse stepped in during the same weekend with another $60 million.

Apart from highlighting the strengths of crypto transactions, Grossman also used the podcast to commend the Galaxy and Ripple teams, describing them as exceptional figures in the crypto space.

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 increase from about $200 million at the time of issuance to over $10 billion in less than two days.

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