Trump Inaugural Fund Receives Huge Donation From Crypto Industry

Key Points:

• Major cryptocurrency firms have donated significantly to President-elect Trump inaugural fund, with Ripple contributing $5 million in XRP.
• The crypto industry's political donations reached $133 million during the 2024 election cycle, with Coinbase, Ripple, and Jump Crypto being the largest contributors.

Joining the ranks of corporate America in supporting President-elect Donald Trump's inauguration, a number of major cryptocurrency firms are donating millions to the Trump-Vance inaugural committee.

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The committee is underwriting a series of events- including galas, parades, and dinners-around Trump's and Vice President-elect JD Vance's swearing-in on January 20.

Two of the biggest cryptocurrency exchanges, Coinbase and Kraken, each gave $1 million to Trump inaugural fund. Blockchain payments firm Ripple donated $5 million in XRP, its own cryptocurrency used for cross-border payments.

Ripple's CEO, Brad Garlinghouse, had signalled last month that the company would make the large donation. Nathan Allman, founder of crypto startup Ondo Finance, also said he planned to give $1 million.

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These donations reflect the high degree of political engagement from companies within the sector amidst growing influence in the crypto industry. Ripple, Coinbase, and other players in the crypto world had already caused quite a stir during the election cycle, with three super PACs affiliated with the sector contributing a total of $133 million, the lion's share of which came from Coinbase, Ripple, and Jump Crypto, per OpenSecrets.

Coinbase confirmed that it was among the first cryptocurrency firms to contribute to Trump inaugural fund. Its donation of $1 million came before the election results were even declared. In return, contributors get a reception with cabinet picks, tickets to the inaugural ball, and other events.

The growing involvement of the crypto industry in political donations shows its support for Trump, who promised to go easy on regulations compared to his predecessor, Joe Biden.