Gemini’s long-awaited IPO filing Drew of fresh attention to giant Ripple payments, with the exchange revealing a $ 75 million line of credit from the company with a steep financial loss.
In the documents submitted to the US Securities and Exchange Commission (SEC) on August 15, Gemini announced a $ 282.5 million net loss for the first half, a nearly seven -time increase from $ 41.4 million shortages a year before. The income fell to $ 67.9 million from $ 74.3 million.
File puts Gemini, which plans to use the “Gemi” ticker in Nasdaq, which is a third crypto exchange to trade publicly in the US after Coinbase (coin), which Debuted with Nasdaq In 2021, and Bullish (BLSH), the owner of CoinDesk, which shares Listed to New York Stock Exchange A week ago.
Ripple’s role in the list stands. In the filing, Gemini said it entered a Ripple Labs credit agreement in July which provides accessing up to $ 75 million in loans, with the option to expand the facility to $ 150 million if some metrics are met.
Each drawdown should be at least $ 5 million and carries an interest of either 6.5% or 8.5%, which is secure against collateral.
In addition, once the borrowing is more than an initial $ 75 million, the requests can be denominated with the Ripple’s dollar-backed RLUSD Stablecoin. As with the date of filing, however, no borrowings are drawn under the facility
Gemini’s credit deal puts RLUSD directly to the mix as a negotiation option for a major US trading platform – an early indication that Ripple wants its stablecoin to compete next to two market leaders, Tether’s USDT and USDC, released by the Circle Internet (CRCL).
