Gemini has disclosed a $75 million credit facility from Ripple in its S-1 IPO filing with the U.S. Securities and Exchange Commission. The disclosure comes alongside Gemini's report of a significant financial loss; the company's net loss for the first half of the year surged to $282.5 million from $41.4 million a year prior. Despite the losses, Gemini aims to become the third crypto exchange to go public in the U.S., following Coinbase and Bullish. The agreement with Ripple allows Gemini access to loans up to $150 million, contingent upon meeting specific metrics. Borrowing options include lending in Ripple's RLUSD stablecoin once the initial amount is surpassed. As of the filing date, no funds had been borrowed under this facility, but the deal positions Ripple's stablecoin as a potential competitor to industry leaders like Tether and USDC.

Source đź”—