Gemini Teams Up with Ripple for $75M Credit as It Steps Toward U.S. IPO
Gemini, one of the major cryptocurrency exchanges, has recently secured a $75 million credit facility from blockchain payments giant Ripple. This move comes as Gemini prepares to become the third crypto exchange to go public in the United States, following Coinbase and Bullish.
According to Gemini's S-1 IPO filing dated August 15, 2025, the exchange reported a net loss of $282.5 million in the first half of the year, a stark increase from the $41.4 million loss reported during the same period last year. Revenue also declined, from $74.3 million to $67.9 million, highlighting the challenges the market currently faces.
The credit agreement with Ripple is flexible, allowing Gemini to tap into up to $150 million based on performance metrics. Initial borrowings start from $5 million, with interest rates set at 6.5% or 8.5%, and the line is secured through collateral. Notably, Gemini may use Ripple's RLUSD stablecoin for financing amounts beyond the initial $75 million, indicating a deeper integration between the two companies.
For crypto investors and enthusiasts, these developments underscore the evolving financial landscape in which major exchanges operate. Gemini's IPO effort and strategic financing add confidence to the maturation of crypto as an asset class.
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