Kraken, Ripple, Ondo Finance, Coinbase, Moonpay donated millions of USD to sponsor Trump's inauguration, promoting policy cooperation to support the crypto industry.
A series of crypto companies donated millions of USD to sponsor Trump's inauguration
Crypto companies support Trump's inauguration
According to Fox Business reporter Eleanor Terrett, cryptocurrency companies are increasing their financial support for Donald Trump by committing to contribute to the President-elect and Vice President-elect JD Vance's inaugural committee.
🚨SCOOP: Trump inauguration draws big crypto donations
— Eleanor Terrett (@EleanorTerrett) December 20, 2024
Corporate #crypto giants @coinbase, @krakenfx, @Ripple and @moonpay have donated to the Trump-Vance inaugural fund, FOX Business has learned.https://t.co/sQdY1ZKqFJ
The digital asset exchange Kraken said it has donated $1 million to the committee, organizing a series of events to celebrate Trump and Vice President-elect JD Vance's inauguration on January 20.
- Kraken and Coinbase: The two crypto exchanges each donated $1 million to the inaugural committee, organizing a three-day series of events including parties, parades, and dinners before and after the January 20 inauguration ceremony.
- Ripple: Committed to donating $5 million in XRP tokens to support the new President's inauguration.
- Ondo Finance: Confirmed that the company donated $1 million to the inaugural fund.
- MoonPay: The digital asset payment service provider confirmed its contribution but did not disclose the specific amount.
Previously in October, the TRUMP 47 COMMITTEE PAC, supporting former President Donald Trump, had raised around $7.5 million through donations in prominent cryptocurrencies such as Bitcoin, Ethereum, XRP, USDT and USDC.
At the same time, the Trump administration has also received support from prominent figures in the crypto industry such as Tyler and Cameron Winklevoss, Jesse Powell, Marc Andreessen and Ben Horowitz of a16z.
According to estimates by Fox Business, the inaugural committee has raised a record over $200 million from individual and corporate sponsors, far exceeding the $107 million raised by Trump's first inaugural committee in 2017 and the $62 million raised by Biden in 2021.
Sponsors will receive benefits such as attending receptions with cabinet members, Sunday prayer services, and inaugural galas.
Crypto industry's expectations for the new administration
The crypto industry's enthusiasm for the Trump administration is not only reflected in the sponsorships, but also in the expectations for crypto-friendly policies. Coinbase stated that they are committed to collaborating with the Trump administration to promote regulatory clarity in the crypto industry.
Ripple CEO Brad Garlinghouse believes that the appointments of experts like Paul Atkins as SEC Chair and David Sacks as Crypto and AI strategic official are positive signs for the future of the cryptocurrency industry. Cabinet positions like Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are also seen as supportive of blockchain innovation.
Kraken co-CEO Arjun Sethi emphasized:
"With a President who understands the potential of disruptive technologies like crypto, we expect this to be a golden era for the blockchain industry in the US."
Meanwhile, tech giants like Jeff Bezos, Mark Zuckerberg have also contributed to the inaugural fund and participated in meetings with Trump, indicating a positive shift in the relationship between the tech industry and the new administration.
Compiled by Coin68
