Market News
The recent inauguration of Donald Trump has sparked a flurry of financial support from significant players in the cryptocurrency sector, including Ondo Finance, Ripple, and Kraken. Notably, Ripple has demonstrated its commitment to Trump by contributing a remarkable $5 million in XRP tokens to the inauguration campaign.
Since Trump’s victory was confirmed on November 6, excitement has soared within the global cryptocurrency arena. Many leading companies are stepping up to show their backing for Trump, highlighting their belief in his pro-crypto policies. Among these supporters is Nathan Allman, the visionary behind Ondo Finance Inc., who recently declared a donation of $1 million to the inauguration fund. In a post on X (formerly Twitter) dated December 21, Ondo Finance expressed its eagerness to support an administration that aims to “boost America’s global financial leadership through digital innovation.” They aspire to work alongside policymakers to enhance access to U.S. financial markets, ultimately strengthening the nation’s global competitiveness.
In similar fashion, Kraken, one of the top crypto exchanges, also made a significant pledge of $1 million to the inauguration fund, as reported by Fox News. Ripple’s involvement has further solidified the financial support, with CEO Brad Garlinghouse previously announcing the company’s dedication to the inauguration festivities.
These funds are critical for organizing celebratory events surrounding Trump’s swearing-in on January 20 and his Vice President-elect JD Vance.
Crypto leaders have shown consistent support for Trump over the years, with prominent voices like Kraken co-founder Jesse Powell and Gemini co-founders Tyler and Cameron Winklevoss previous contributors to his reelection efforts and various super PACs. During the ongoing 2024 election cycle, crypto-centric super PACs have notably spent an astonishing $133 million, with contributions flowing from Coinbase, Ripple, and Jump Crypto, among others. Coinbase had already pledged $1 million to the inauguration fund even before the electoral results were finalized.
With many in the industry viewing this new administration as the most crypto-friendly in U.S. history, companies like Coinbase are optimistic about collaborating with policymakers. Their aim is to foster regulatory clarity and stimulate the growth of the digital asset sector across the nation.
Crypto aficionados will want to keep an eye on how these developments shape the future of cryptocurrency in relation to U.S. political dynamics and financial strategies.
