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How Ripple, Novogratz and MoonPay Helped Trump’s Solana Meme Coin Succeed

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MoonPay, a crypto payments company, secured a crucial $160 million in combined loans from Galaxy Digital and Ripple to sustain the surging demand and purchases of President Donald Trump’s official Solana meme coin, TRUMP, during the weekend of its launch. 

The trio’s collaboration, which was detailed by the MoonPay President Keith Grossman on the ”When Shift Happens” podcast, required MoonPay CEO Ivan Soto-Wright to “sign away his life” and the company to “promise” it had no liens on its reserve funds. 

“The volumes were just gigantic,” Grossman said, “All of the liquidity that we use to sort of wire the crypto was locked in BlackRock accounts in a traditional finance sort of manner… and it’s Saturday.”

The crypto funds it did have handy were being used up rapidly thanks to the Trump meme coin team’s direction that users could use mobile meme coin trading app, Moonshot, for which MoonPay is the exclusive crypto payments provider.

Moonshot simplifies the meme coin buying process, allowing users to sign up with an email address, and allowing them to fund their accounts with credit or debit cards. The app eschews the complexities that crypto novices may face with trading on-chain via decentralized exchanges, making it an ideal option for newcomers.

Therefore, when new users were looking to buy the TRUMP token on the app, they were exchanging their funds for MoonPay’s crypto reserves, notably stablecoin USDC, which was then used to purchase Trump’s meme coin on the Solana blockchain. 

If the company didn’t have the liquidity to continue facilitating purchases of the token, then new consumers—of which MoonPay says it onboarded 750,000 of during the week of the TRUMP launch—may not have been able to gain access to the token. That may have hindered the token’s rapid growth in the early days, and impacted other MoonPay users as well.

Grossman said the app would’ve said, “Sorry, doesn’t work,” had MoonPay run out of funds.

To avoid the issue, Grossman said that he and Soto-Wright worked with MoonPay CFO Mouna Siala to forecast the amount of funds it would require, with the initial estimate of $50 million quickly doubling to $100 million after reevaluating the token’s growth in the first 24 hours. 

With its reserves locked in traditional financial systems, Grossman said he texted Galaxy’s Mike Novogratz, and after a brief conversation, a loan was agreed upon and underway, forcing MoonPay’s teams to scramble on paperwork while verifying it had the funds to pay back a loan thanks to a connection through BlackRock.

But the $100 million wasn’t enough. As demand continued to surge for TRUMP the following day, Grossman said that MoonPay turned to Ripple Labs CEO Brad Garlinghouse.

“We underestimated the demand of this Trump token,” the MoonPay team told Garlinghouse, per Grossman.

The Ripple chief agreed to help if MoonPay could get Novogratz to agree to the arrangement, given the previous deal in place—and ultimately, Grossman said, the additional $60 million was sent by Ripple to Galaxy, and then ultimately transferred to MoonPay. 

As traditional financial players came online in Europe and the United States on the following Monday and Tuesday, MoonPay was able to reestablish access to its funds, paying back its loans in full by Tuesday afternoon according to Grossman. 

The TRUMP token saw more than $20 billion in trading volume on average across its first five days after launch, according to data from CoinGecko, growing quickly to a fully diluted valuation of more than $73 billion in less than 48 hours.

In the days after its launch, Trump’s meme coin gained spot listings from notable centralized exchanges like Binance and Coinbase, further aiding the ability for inexperienced users to gain access to the token.

A MoonPay representative confirmed to Decrypt that Grossman’s telling of the situation was accurate, though representatives from Galaxy and Ripple did not immediately reply to Decrypt’s requests for comment.

TRUMP is now trading at $15.37, down more than 79% from its all time high.

Edited by Andrew Hayward

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Solana Meme Coin Sent New JellyJelly App Off to a Sweet Start, Founder Says

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The launch of the Solana meme coin, JELLYJELLY in January prompted signups for an app to soar and a community to form, even after it fell 98% from its all-time high, Iqram Magdon-Ismail, a Venmo co-founder, told Decrypt.

Now nearly two months after its creation, JellyJelly, which debuted on Pump.fun, is set to be integrated into the app. 

JELLYJELLY climbed to a $250 million market cap, after it was tied to the in-development AI-powered podcasting app of the same name. But, there were no concrete plans on how the token would be used and it has since crashed to just $6 million.

Magdon-Ismail maintains that the JELLYJELLY token will be implemented into the app soon and explains that, above everything, the meme coin launch was an excellent marketing tool to establish an audience.

“We got 10,000 signups in a day,” Magdon-Ismail told Decrypt. “It brought an incredible amount of awareness. I have to be honest, I never thought of using this whole meme coin world as a form of promotion [but] it’s starting to become very clear to me.”

JellyJelly is essentially TikTok but for podcasters, allowing users to record full episodes on the app which are then clipped up and posted using AI. Users are able to sign up and download the app but it is far from the finished article.

Investor in the app Sam Lessin believes meme coins work as a marketing tool because you immediately attract tons of eyes looking to flip a quick buck on the token. In doing this, some of these traders may become genuinely interested in the product behind the speculative trade. At the time of writing, JELLYJELLY has 34,275 holders. This figure was likely much higher back in January.

“Out of all of that, I think there’s a genuine group of like two to three thousand people in our Discord and Telegram communities that genuinely believe in the product,” Magdon-Ismail said. “If you open the Jelly feed today, I would say 50% of our user base are people that hold the coin.”

Other projects like Pythia, a Russian research lab, have also embraced a meme coin as a form of marketing. Equally, AI projects like Truth Terminal have used related meme coins as a way to fund the development of the project, however, Lessin says that he’s unconvinced that’s in the future of JellyJelly.

“My personal take is: eh,” he said, smiling. “That’s coming out of someone’s pocket in a zero sum way—and, I just don’t think that that feels great. Now, again, I am really open to it down the line.”

JELLYJELLY debuted  mostly off vibes and fun, with no solid plans on what to do with it. This lack of clear direction combined with macro downward pressures sent it plunging. But, Magdon-Ismail says the token’s plan has progressed significantly since its spontaneous launch.

“[The plan has] developed very rapidly and swiftly,” he said. “The first thing we’re building into the app is the ability to prove and verify ownership of the coin—how much of the coin you own and how long you’ve held it. Once you do that you get a little Jelly coin badge.”

Alongside this development, a native JellyJelly wallet—akin to the Telegram wallet—is in the works which will allow you to pay and receive tips on the platform. While Magdon-Ismail is optimistic this feature is coming “soon,” he’s apprehensive to put any hard date on it.

Further down the line, the team plans to use data points relating to JELLYJELLY —number of tokens held, tipped, etc.—to determine what content the platform pushes onto users through its algorithm. This is one of many “experiments” that JellyJelly plans to deploy once the token is integrated.

“We don’t have to get it right the first time. We’re going to play with it a little bit,” Magdon-Ismail explained. “We’re going to experiment over the next couple months with ways to utilize the coin to present content in different ways.”

Edited by James Rubin

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IATSE Local 728 Becomes First Private-Sector Union To Invest In Bitcoin

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IATSE Local 728, a 3,000-member chapter of The International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United States, Its Territories and Canada, has made history by purchasing its first Bitcoin investment, according to a press release sent to Bitcoin Magazine. This initiative, approved by an overwhelming majority of its membership, was executed with the assistance of Proof of Workforce, a nonprofit dedicated to helping unions adopt Bitcoin through education-based initiatives.

IATSE Local 728 said it has long championed service, strength, and solidarity, and its decision to invest in Bitcoin aligns with its mission to fight for financial security for its members. “Today, we make history as the first private-sector labor union in the country to put Bitcoin on our balance sheet and hold it in self-custody,” the union stated. The effort was led by IATSE Local 728 Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, in collaboration with Proof of Workforce founder Dom Bei.

“IATSE Local 728 has led the entertainment industry in safety, technology, and training since 1939. Our members have been the proof of work behind the greatest productions in history—now, we’re bringing that same innovation to finance,” stated the IATSE Local 728 Bitcoin Advisory Board. “As the first private-sector labor union in the country to put Bitcoin on its balance sheet and hold it in self-custody, we are taking a stand for financial security and labor empowerment.”

“This is about protecting the value of our members’ labor. Bitcoin isn’t just an asset, it’s the most secure, decentralized financial network in the world, immune to manipulation and inflation. While governments print money and financial institutions strip workers of their wages, we are taking control. This isn’t a gamble. It’s a strategy. We are learning, building, and leading,” the union continued.

Beyond its own membership, IATSE Local 728 sees this move as a catalyst for a broader transformation within the labor movement. “For too long, unions have played defense in a system rigged against workers. That ends now. With Bitcoin, we aren’t just negotiating contracts, we are securing economic freedom. We are setting the standard. We are taking action. We are proving that unions don’t just fight for today, they build for the future.”

In addition to holding bitcoin on the balance sheet, a standing committee will be established to explore ways Bitcoin can provide long-term security for IATSE 728 members and their families. The committee will also help integrate the union’s support into the Bitcoin network.

Proof of Workforce praised IATSE 728’s leadership in adopting Bitcoin as a reserve asset, stating, “At Proof of Workforce, we understand that within every organization, exists someone who has discovered the true potential of Bitcoin. Our mission is to provide that person with the tools to introduce education-based and responsible adoption to their organization. IATSE Local 728 is a representation of the Proof of Work behind some of the best entertainment in the world. Their members work incredibly hard in motion picture and television lighting, ensuring the highest standards in the industry. They now have begun to explore an innovative network, aligned with the values and proof of work exhibited by its members. It’s now Lights, Camera, Bitcoin!”

As the first private-sector union to integrate Bitcoin into its financial strategy, IATSE Local 728 is setting a precedent that could inspire other private-sector unions across the country to follow suit.

Yesterday, Dom Bei announced he’s running for a a seat on the board of the California Public Employees’ Retirement System (CalPERS). Bei launched his campaign with massive endorsements, including California legislators and the city of Vancouver Mayor Ken Sim.





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Debifi Is The Premier Non-Custodial P2P Bitcoin-Backed Lending Platform For Institutions

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Founder: Max Kei (CEO)

Date Founded: March 2024

Location of Headquarters: Lugano, Switzerland

Website: https://debifi.com/

Public or Private? Private

Max Kei is a builder in the Bitcoin P2P space as well as a seasoned banker, which makes him uniquely qualified to create Debifi, a noncustodial, bitcoin-backed P2P lending platform that primarily serves institutions.

Kei’s work in the Bitcoin space began in 2017, when he first contributing to Hodl Hodl, which quickly became a widely used noncustodial P2P trading platform.

In 2020, he helped the exchange launch Lend at Hodl Hodl, the first noncustodial P2P borrowing and lending product in the Bitcoin space.

The product gained traction in Latin America and Southeast Asia, where it was used to facilitate microloans, while the likes of Preston Pysh (now Strategic Advisor to Debifi) took interest in the product and renowned cypherpunk Adam Back also sang its praises.

According to Kei, it’s the high-quality reputation of the team behind Lend at Hodl Hodl, some of whom now work on Debifi, that’s attracting users to Debifi.

“A lot of lenders and borrowers go to Debifi because they know the team has very extensive experience,” Kei told Bitcoin Magazine.

“People are satisfied, as we’ve been through multiple bear cycles and managed to survive,” he added.

“Now, we’ve taken the concept of Lend at Hodl Hodl and moved into the institutional space.”

From Banker To Bitcoiner

For 10 years before finding Bitcoin, Kei worked as a private banker.

He resigned from his position before “going full Bitcoin rabbit hole” at the end of 2015, partially as a reaction to an experience he had with one of his clients.

“A year before I quit, I was sitting in a meeting in the bank office with one of my clients and he was showing me his phone and saying ‘You know at some point in the future, I’m not going to need you because I have bitcoin,’” recounted Kei.

The client then proceeded to send $15,000 worth of bitcoin to a contact of his in Brazil, according to Kei, who thought to himself that his client was insane. However, it didn’t take long for Kei to realize that his client wasn’t crazy but, instead, onto something.

“I started doing my own research, and I quickly realized that Bitcoin is a real thing,” said Kei.

Kei pivoted to Bitcoin soon after. However, after spending eight years building in the Bitcoin space, he’s come to believe that banks will still have a role in a hyperbitcoinized future.

“Banks aren’t going to go away,” explained Kei.

“They will become infrastructure providers for Bitcoin companies, for startups, for everyone. They’re still going to be a backbone,” he added.

He realized this when banks and other financial institutions began expressing interest in using the Lend at Hodl Hodl product.

Differentiating With Debifi

Within months of launching Lend at Hodl Hodl, institutions reached out to the Hodl Hodl team requesting to use the platform.

“They said ‘Hey, we want to be available for bitcoin lending,’” recalled Kei.

“But we didn’t want to mix the world of microlending with the world of institutional lending. We realized we needed to do something different. That’s how the concept of Debifi came into existence,” he added.

In 2022, Kei began brainstorming Debifi. A year later, they raised money from venture capital firms including Ten31 and Timechain to build a minimum viable product (MVP). By March 2024, Debifi was live.

The platform has been operating in beta, and the official version will go live at the end of the month. With that said, Kei explained that Debifi is fully functional already.

“Just because the product is in beta doesn’t mean that it’s not operational — it’s actually fully operational,” he said.

And so this brings us to the next question: How exactly does Debifi work?

How Debifi Works

Debifi is both a website and a mobile app, and the two work in tandem.

“We have a very unique value proposition is that the mobile app acts as a key storage,” said Kei. “The mobile app becomes a wallet, storing your private key, but you need to use the website in order to engage in contracts.”

When you sign a transaction, create an escrow for a loan, or pay off a loan, you use the mobile app to do so.

Users can also opt to use the COLDCARD devices (the Mk4 or the Q) in place of the mobile app, and Kei hopes to add support for other hardware wallets as well.

“We want to support Jade from Blockstream, Ledger devices, Trezor devices, the Foundation Passport, and BitBox — all these good names — because we want to provide flexibility for our customers,” explained Kei.

The collateral for Debifi loans is escrowed in a multisignature (multisig) wallet featuring four keys, three of which are needed to sign off on transactions.

“At Debifi, we have a unique multi-signature setup,” said Kei. “All loans are held in a 3-out-of-4 multsig wallet, while the standard is 2-out-of-3.”

The borrower, the lender and Debifi each hold one key, while the fourth is held by AnchorWatch. Kei claims that having a fourth key held by a trustworthy institution like AnchorWatch increases security dramatically.

“With two institutions holding keys, even if the lender’s and borrower’s keys are somehow compromised, you still need to get one more key,” said Kei. “If we remove AnchorWatch and go with a simple 2-out-of-3 model, then we might end up in a situation where attackers have two keys and the attacker doesn’t need a third key.”

Debifi loans are overcollateralized (forced liquidations occur if the value of the bitcoin collateral drops below a certain level, which varies based on the agreement between the borrower and lender) and the average APR is just above 10%.

Kei explained that his team’s research has shown that many are willing to pay the higher APR for noncustodial loans.

“A while back, we talked with 300 Bitcoiners and we gave them a very simple option: You can borrow custodially at an 8% interest rate or you can borrow noncustodially at 11% or 12% interest rate,” he explained. “91% of people said that they would prefer to hold their keys.”

Users can take out loans up to $1 million via the platform and the loan durations range from three to 12 months. As of April, this will expand to 24 months.

Users can borrow in U.S. dollar stablecoins, U.S. dollars, euros, and Swiss francs, and Debifi is working on adding British pounds, Brazilian reals, and Mexican pesos to that list.

Debifi monetizes through origination fees, which it takes from the collateral put in escrow, and it has a dispute resolution team that helps to resolve loan repayment issues and other problems.

What’s Next For Debifi

As mentioned, Debifi just brought on Preston Pysh as a strategic advisor in efforts to help the company with networking and publicity. Pysh will also provide advice on how to improve Debifi’s product.

The company also plans to partner with Blockstream’s Asset Management (BAM) division. BAM will utilize Debifi as a technical provider for institutions looking to offer bitcoin-backed lending products.

Beyond that, Kei noted that a number of other important partnerships are in the pipeline as well, and that Debifi will announce them in the coming months.

And he concluded with a pitch to all the institutions out there who might be interested in working with Debifi.

“Debifi helps you plug and play in the bitcoin-backed lending world as an institution,” said Kei.

“We provide you with all the necessary infrastructure. We’ll onboard you, and we’ll guide you with private support. We’ll give you all the necessary tools,” he added.

“Effectively, we’re going to be like a one-stop shop. Not only do you not have to build this stuff because it’s already there, we bring you the customers, which we allow you to communicate with directly. And the best part is that as a liquidity provider, you don’t pay us anything. Zero.”

It’s hard not to argue that Kei and his team are onto something here.



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