MoonPay Secures Liquidity with $200M from Galaxy
Date: 2025-03-21 Author: Oliver Abernathy Categories: BUSINESS
The payment service’s co-founder Ivan Soto-Wright told The Block that the agreement was a result of difficulties that arose during the launch of the TRUMP meme coin, associated with former US President Donald Trump. At that time, the company urgently raised $160 million, as traditional banks were closed due to the holidays, and demand for the token skyrocketed. In this situation, MoonPay received support from Galaxy and Ripple.
“This credit facility is intended to provide short-term access to liquidity in times of extreme demand, as happened with TRUMP. However, it does not involve taking on debt obligations in the long term,” Soto-Wright explained.
During the launch of the “presidential” meme coin, MoonPay faced massive transaction volumes, and its liquid assets were temporarily unavailable in BlackRock accounts due to the holidays. With the help of Galaxy and Ripple, the company was able to cope with the situation and attract 750,000 new customers.
Soto-Wright noted that interest in cryptocurrency has increased sharply since the November presidential election in the United States. “Our average daily trading volumes are up 98% compared to the period before the election,” he said.
This deal was MoonPay’s first in the area of credit lines. Negotiations with Galaxy took several weeks, and the final agreement was signed on March 19. The terms of the deal are not disclosed, but the company is satisfied with the result.
Earlier, in January, the US Congress expressed concern about the ethical issues associated with Trump's cryptocurrency initiatives. In February, Public Citizen called on the Justice Department and the Office of Government Ethics to investigate possible anti-corruption violations related to the TRUMP token.
