Crypto companies, including Ripple, contribute millions to fund the inauguration celebrations of United States President-Elect Donald Trump.
According to a FOX Business report, Ripple pledged to contribute $5 million worth of XRP to the Trump-Vance inaugural committee. This organization is responsible for funding the three-day inaugural celebration of Trump and his Vice JD Vance following their victory in last month’s presidential election.
Notably, the activities, including dinners, parades, and galas, will occur before and after Trump’s inauguration on January 20, 2025. FOX Business claimed the company confirmed its contribution to the fund.
Other Crypto Companies Donations
Besides Ripple, other notable crypto companies have also donated heavily to the Trump-Vance inaugural committee. In particular, U.S. crypto exchanges Coinbase and Kraken donated $1 million each.
Other crypto companies, such as MoonPay and Robinhood, have also promised to contribute to the fund. However, they did not reveal the exact amount of their upcoming contributions.
Despite the contributions made by crypto outfits, their donations represent only a fraction of the $200 million the fund has raised so far. Interestingly, a source close to the fund expressed confidence that the figure could spike to $225 million before January 20.
Trump Wins Crypto Support
Meanwhile, the contributions from crypto companies demonstrate the industry’s growing confidence in Trump. According to FOX Business, the crypto industry has donated over $200 million in support of Trump throughout the election cycle.
Ripple was among the major donors from the crypto industry, with its Chief Legal Officer (CLO) Stuart Alderoty contributing 624,000 XRP, worth $300,000 at the time, to a Super PAC supporting Trump.
It should be recalled that Trump promised to provide lighter regulations for the industry compared to Biden’s approach to the sector. Since his reelection, Trump has made significant moves to keep to his campaign promises.
This includes his appointment of several pro-crypto officials into his cabinet, including Paul Atkins as SEC Chair and David Sacks as the first White House AI & Crypto Czar.
Given Trump’s support for crypto, investors are eager to see how the industry will evolve under his administration.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
