The long -awaited GEMINI IPO attracted new attention to the Ripple payment giant, the stock market revealing a 75 million dollar credit line from the company in parallel with a strong financial loss.
In the documents submitted to the US Securities and Exchange Commission (SEC) on August 15, Gemini revealed a net loss of $ 282.5 million for the first half, an increase of almost seven times compared to the deficit of $ 41.4 million a year earlier. Income fell to $ 67.9 million, compared to $ 74.3 million.
The Place Gemini file, which plans to use the “GEMI” Ticker on Nasdaq, online to become the third exchange of Crypto to exchange publicly in the United States after Coinbase (Coin), the owner of Coindek, whose shares have listed on the New York Stock Exchange a week ago.
Ripple’s role in the list stood out. In the file, Gemini said he had concluded a credit agreement with Ripple Labs in July granting access to up to $ 75 million in loans, with the possibility of extending the installation to $ 150 million if certain measures are followed.
Each withdrawal must be at least $ 5 million and has interests of 6.5% or 8.5%, guaranteed against guarantees.
In addition, once the loan exceeds $ 75 million dollars, requests can be denominated in the Stablecoin Rlusd supported by the Ripple dollar. On the date of deposit, however, no loan was deducted within the framework of the establishment
The credit agreement with Gemini places the RUSD directly in the mixture as a regulation option for a large American trading platform – an early indication that Ripple wants its stablecoin to be in competition alongside the two market manager, USDT and USDC de TETHER, published by Circle Internet (CRCL).
