When Donald Trump launched his memecoin, the onslaught of demand outside traditional banking hours meant crypto payments company MoonPay had to scramble for $160 million, with investment firm Galaxy and XRP-focused company Ripple stepping in to help out.
Now MoonPay wants to be more prepared were a similar event to happen again. It has secured a $200 million revolving credit line from Galaxy to better handle spikes in transaction volume and liquidity demand.
"This revolving credit line is intended for short-term access to capital during moments of extreme liquidity demands, as we experienced during the $TRUMP launch," Ivan Soto-Wright, co-founder and CEO of MoonPay, told The Block. "It is not intended to assume long-term debt."
This marks MoonPay's first credit line, Soto-Wright said, adding that discussions with Galaxy began a few weeks ago and were finalized yesterday. While he declined to disclose the terms of the credit line, he said the company is "pleased" with the agreement.
Notably, MoonPay has opted for the credit line despite ending 2024 cash-flow positive and profitable, with 112% year-over-year net revenue growth. The company was valued at $3.4 billion in 2021 when it last raised $555 million in a Series A funding round.
Soto-Wright said the decision to take on debt stemmed from challenges faced during the TRUMP memecoin launch, particularly due to the constraints of traditional banking hours. "The traditional banking system operates Monday through Friday, nine-to-five, yet crypto operates 24/7," he noted. To prepare for surges on days when banks are closed, MoonPay sought access to immediate liquidity.
At the time, MoonPay struggled to handle such "gigantic volumes" because its liquidity was locked in BlackRock accounts due to the holiday weekend. With support from Galaxy and Ripple, it managed to navigate the surge, ultimately gaining 750,000 new customers from the Trump memecoin launch.
This boost follows a strong few months for the company. Since the U.S. presidential election last November, MoonPay has seen "incredible demand" for crypto, according to Soto-Wright. "If you compare the four months prior to the election to the four months following the election, our average daily volumes have nearly doubled (+98%)," he said.
Founded in 2019, MoonPay has created over 30 million verified customer accounts across 180 countries. The company's growth extends beyond transaction volume — this year, it completed two major acquisitions — buying stablecoin infrastructure firm Iron for at least $100 million and Solana-based payments firm Helio for $175 million.
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