Ripple, a prominent blockchain payments company, has announced a $5 million donation in XRP to support the inauguration festivities of President-elect Donald Trump and Vice President-elect JD Vance. The three-day celebration, scheduled around the January 20 swearing-in, will feature parades, galas, and dinners. The event will be funded by contributions from various industries, including crypto.
Ripple’s XRP donation is part of a record-breaking $200 million raised so far by the Trump-Vance inaugural committee, surpassing the $107 million collected for Trump’s 2017 inauguration and far exceeding the $62 million raised by Joe Biden’s 2021 inaugural team. The committee aims to reach $225 million by Inauguration Day.
Other major players in the cryptocurrency industry have also made significant contributions. Coinbase and Kraken, two leading crypto exchanges, each pledged $1 million to the inaugural fund. While digital asset payment firm MoonPay confirmed its involvement, the company did not disclose its donation amount.
Ripple CEO Brad Garlinghouse expressed optimism about the administration’s approach to crypto. “With trusted, knowledgeable crypto advocates like Paul Atkins and David Sacks appointed in the Trump Administration, the future of the crypto industry looks nothing but promising,” he stated, according to a FOX Business report.
The crypto sector’s strong support for the Trump administration comes as the President-elect promises a regulatory environment conducive to blockchain innovation. Kraken co-CEO Arjun Sethi praised Trump: “For the first time, we have a President who truly understands the potential of disruptive technology and embraces the crypto sector. We’re excited to continue to work with President-Elect Trump and his administration to push for long-overdue regulatory clarity and unlock this next wave of innovation.”
Trump’s recent cabinet picks reflect his commitment to the digital asset industry. Nominees such as Scott Bessent for Treasury Secretary and Howard Lutnick for Commerce Secretary are seen as crypto-friendly, signaling potential advancements for blockchain adoption.
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