US-based cryptocurrency exchange Gemini announced in its application for the initial public offering (IPO) process that it signed a $75 million loan agreement with Ripple. Ripple Provides $75 Million Loan to Gemini as Exchange Prepares for IPO Documents filed with the U.S. Securities and Exchange Commission (SEC) show that Gemini reported a net loss of $282.5 million in the first half of the year, a sevenfold increase from the same period last year. Revenue fell from $74.3 million to $67.9 million. Gemini plans to list on the Nasdaq stock exchange under the ticker symbol “GEMI.” If approved, the company would be the third cryptocurrency exchange to go public, following Coinbase (which listed on the Nasdaq in 2021) and Bullish (BLSH), which recently began trading on the New York Stock Exchange. Under the loan agreement with Ripple, Gemini has secured a loan of up to $75 million. This amount can be increased to $150 million if certain criteria are met. Each loan will be for a minimum of $5 million and will carry an interest rate of 6.5% or 8.5%. Furthermore, loans exceeding $75 million can be denominated in Ripple's dollar-backed stablecoin, RLUSD. This deal is noteworthy because it positions Ripple's new stablecoin as a payment instrument on a leading US exchange. Experts believe Ripple aims to compete with Tether (USDT) and Circle's USDC with this move. *This is not investment advice. Continue Reading: Ripple Signs Loan Agreement with Crypto Exchange Filing for US IPO! Details Here
