Ripple has transferred $5 million in XRP for the inauguration of President-elect Donald Trump. According to representatives of the Inaugural Committee, this is currently the largest cryptocurrency donation.
Cryptocurrency exchanges Coinbase (NASDAQ:COIN) and Kraken each allocated $1 million in digital assets for the event. MoonPay also contributed, although it did not disclose the specific amount.
For the first time, we have a president who truly understands the potential of breakthrough technologies and supports the crypto sector.
We are pleased to continue working with President-elect Trump and his administration to achieve the long-needed clarity in regulation and launch the next wave of innovation, said Kraken co-CEO Arjun Sethi.
The fund has raised over $200 million for the inauguration in honor of President Donald Trump and Vice President JD Vance. It is known that the festivities will last for three days.
The amount raised by the inaugural committee this year has become a record. For comparison, during Donald Trump's first election in 2017, donations did not exceed $107 million. And for Joe Biden's inauguration in 2021, only $62 million was raised.
According to experts, by January 20, 2025, when the ceremonial event is scheduled, the total amount of donations could reach $225 million. Major industry representatives, such as Jesse Powell from Kraken and Marc Andreessen from Andreessen Horowitz, have confirmed that they also want to contribute to the fund.
