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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Ripple lent 160 million to TRUMP in listing Meme Coin! - Coin Bulletin
Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz lent $160 million to US President Donald Trump for listing meme coins.
A notable development in the crypto world was announced by MoonPay's corporate president Keith Grossman. Grossman stated on the When Shift Happens podcast that during the weekend when their platforms introduced Trump-themed meme coins TRUMP and MELANIA, they experienced significant demand and borrowed a total of $160 million from Galaxy Digital CEO Mike Novogratz and Ripple CEO Brad Garlinghouse to meet the listing process.
The money was in BlackRock accounts
According to Grossman, 750 thousand new registrations were made at the end of the weekend when meme coins were launched, creating a DDoS attack effect on MoonPay's servers. As the platform's liquidity sources used in crypto trading are held in BlackRock accounts, and access to these accounts could not be obtained due to the weekend holiday, rapidly depleting reserves posed a serious problem.
In this critical situation, Novogratz stepped in with 100 million dollars, while Garlinghouse provided 60 million dollars in funding to help the platform continue its operations. After gaining access to BlackRock accounts on January 21st, MoonPay repaid this debt.
TRUMP is up 11.3% at $16.95, while MELANIA is up 1.4% at $1.44, according to data from CoinGecko.