MoonPay secured $160 million in emergency loans from Galaxy Digital and Ripple
The surge in purchases, particularly through the Moonshot app, quickly depleted MoonPay’s available funds.
MoonPay President Keith Grossman described the situation as urgent. “The volumes were just gigantic”, he said on the When Shift Happens podcast, explaining that most of MoonPay’s funds were locked in BlackRock accounts and unavailable over the weekend.
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Initially, MoonPay estimated it would need $50 million to meet demand. However, within 24 hours, that figure doubled to $100 million. Grossman reached out to Galaxy Digital’s Mike Novogratz, who quickly agreed to provide a loan. MoonPay’s team worked fast to complete the necessary paperwork and confirm it had the assets to repay the loan.
However, even after securing the $100 million, demand continued to rise. The following day, MoonPay turned to Ripple Labs CEO Brad Garlinghouse for additional funding.
Garlinghouse agreed to provide support—but only if Novogratz approved. Once both parties agreed, Ripple sent $60 million to Galaxy, which then transferred the funds to MoonPay.
The quick action from Galaxy and Ripple allowed MoonPay to continue processing purchases without disruptions. According to the company, Moonshot onboarded around 750,000 new users in TRUMP’s first week alone.
Meanwhile, Public Citizen, a consumer advocacy group, recently asked US officials to investigate the TRUMP token. Why? Read the full story.
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