Ripple donated $5 million worth of XRP to fund President Trump’s dent party, the largest crypto contribution to a $200 million fund.
Coinbase and Kraken each gave $1 million, while MoonPay also donated, marking a record year for crypto political donations.
XRP surged after Ripple’s legal victory, Trump’s election win against the SEC, and the launch of its RLUSD stablecoin.
Home » News » Ripple to donate $5 million in XRP to attend Trump’s inauguration
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Ripple Donates $5 Million in XRP to President Trump's Inauguration
By Jai Hamid
Updated: December 20, 2024 at 10:58 PM UTC
2 minutes to read
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1. Setting new records
2. Ripple Moment and the Rise of XRP
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Ripple donated $5 million worth of XRP to fund President Trump’s dent party, the largest crypto contribution to a $200 million fund.
Coinbase and Kraken each gave $1 million, while MoonPay also donated, marking a record year for crypto political donations.
XRP surged after Ripple’s legal victory, Trump’s election win against the SEC, and the launch of its RLUSD stablecoin.
Ripple just dropped $5 million worth of XRP into President Donald Trump’s inauguration fund, reportedly to the Trump-Vance Inaugural Committee, the largest cryptocurrency contribution they’ve ever received.
The fund, which has already reached more than $200 million, will fuel a three-day celebration of Trump and Vice President-elect J.D. Vance’s victory. Coinbase and Kraken each pledged $1 million, while MoonPay also contributed, though they did not split the amount. Arjun Sethi, Kraken’s co-CEO, told FOX Business:
“For the first time, we have a dent that truly understands the potential of disruptive technology and embraces the cryptocurrency sector. We are excited to continue working with President dent Trump and his administration to push for long-overdue regulatory clarity and unlock this next wave of innovation.
Setting new records
The inaugural committee has already broken fundraising records, surpassing the $107 million raised for Trump’s first inauguration in 2017 and the $62 million raised for Biden in 2021.
Insiders say the total could reach $225 million by Inauguration Day. Major names in tech and crypto, such as Jesse Powell of Kraken and Marc Andreessen of Andreessen Horowitz, are also on board.
They look to Trump as a leader who understands the potential of blockchain and are betting that he will put in place policies that encourage innovation. Dent has already proven that he meant everything he said during his campaign.
The Trump administration is stacked. Former SEC Commissioner Paul Atkins, known as an early Bitcoin believer, will take over from Gary Gensler as SEC chairman. He is expected to ease crypto regulations.
David Sachs also joins as the first chief of crypto and AI. He will work to bridge the gap between regulators and the crypto industry while leading the dent’s board of science and technology advisors.
Other pro-crypto picks include Scott Bessent for Treasury Secretary and Howard Lutnick for Commerce Secretary, both of whom are pro-blockchai tech.
