Ripple Donates $5 Million in XRP to Trump Inauguration
Date: 2024-12-23 Author: Henry Casey Categories: BUSINESS
Ripple has made a significant contribution to the inauguration of Donald Trump, transferring $5 million in XRP cryptocurrency. This contribution was the largest donation in digital assets for this event, as confirmed by representatives of the Inauguration Committee.
In addition to Ripple, other leaders of the crypto industry also contributed their funds. Coinbase and Kraken sent $1 million each, and MoonPay, although it contributed, chose not to disclose the amount.
Kraken Co-CEO Arjun Sethi emphasized the importance of the support of the crypto sector from the new administration. He said:
"For the first time, we have seen a president who understands the potential of innovative technologies and provides real support to the crypto industry. We look forward to working with the Trump administration to provide regulatory clarity and further encourage innovation.”
The inauguration fund has raised a record $200 million, significantly exceeding the amounts raised at previous ceremonies. In 2017, when Trump was first elected, the donations totaled $107 million, while Joe Biden’s 2021 inauguration raised $62 million.
The total donations are expected to reach $225 million by the inauguration on January 20, 2025. Other industry heavyweights, such as Kraken’s Jesse Powell and Andreessen Horowitz’s Marc Andreessen, are set to join in with their contributions.
The three-day celebrations marking the inauguration of Donald Trump and Vice President J.D. Vance promise to be a major event demonstrating the growing role of cryptocurrencies in US political and public life.
