Gemini disclosed a substantial net loss of 282.5 million USD in the first half, a dramatic increase from last year’s losses. The exchange has entered a credit agreement with Ripple, allowing access to a credit line of up to 75 million USD for its IPO.
With plans to list under the ticker ‘GEMI’, Gemini aims to become the third public crypto exchange in the U.S., joining Coinbase and Bullish. This move signifies a shift back to traditional market structures for cryptocurrency trading.
The credit agreement with Ripple includes conditions for expansion up to 150 million USD, bolstering the role of Ripple’s RLUSD stablecoin in the market. This indicates Ripple’s intent to compete with existing stablecoins like Tether’s USDT.
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