PANews reported on March 20 that according to The Block, MoonPay announced that it had obtained a $200 million revolving credit line from Galaxy, designed to cope with moments of extreme liquidity demand, such as the recent surge in trading volume when Trump Memecoin was released. MoonPay CEO Ivan Soto-Wright said that this credit line will help the company cope with peaks in trading volume and liquidity demand.
The credit line is the first credit support MoonPay has received, despite the company being cash flow positive and profitable in 2024, up 112% year-over-year. Soto-Wright explained that the decision stemmed from the challenges of the Trump Memecoin launch, especially the lack of liquidity outside of traditional banking hours. MoonPay had difficulties during the holiday weekend because its liquidity was locked in BlackRock accounts, and ultimately received support from Galaxy and Ripple, successfully handling the surge and gaining 750,000 new customers.
MoonPay has established more than 30 million verified customer accounts in 180 countries since its founding in 2019, and has seen a surge in Crypto demand over the past few months, especially after the U.S. presidential election.
