Crypto Companies Kraken, Ripple, Ondo Donate to Trump’s Inauguration

NASHVILLE, TENNESSEE - JULY 27: Former President and 2024 Republican presidential candidate Donald Trump gives a keynote speech on the third day of the Bitcoin 2024 conference at Music City Center July 27, 2024 in Nashville, Tennessee. The conference, which is aimed at bitcoin enthusiasts, features multiple vendor and entertainment spaces and seminars by celebrities and politicians. (Photo by Jon Cherry/Getty Images)

Cryptocy companies are adding to their financial support for Donald Trump by pledging to donate to the president-elect’s inaugural committee. Digital-asset exchange Kraken said it had donated $1 million to the committee, which is putting together a slew of celebratory events around the Jan. 20 swearing in of Trump and Vice President-elect JD Vance. The Kraken donation was first reported by Fox News.

Nathan Allman, founder of crypto startup Ondo Finance Inc., said the company intends to donate $1 million to the inauguration fund. Benefits to donors include a reception with cabinet picks, a Sunday service and the inaugural ball, according to The Hill. Earlier in December, Ripple Chief Executive Officer Brad Garlinghouse told the New York Times that the digital payments company planned to donate $5 million worth of the XRP token to the festivities.

The crypto industry’s political donations were front and center this election cycle, with just three affiliated super political action committees pouring $133 million into the election, according to tracker OpenSecrets. The bulk of the contributions to the three super PACs came from crypto exchange Coinbase Global Inc., Ripple and Jump Crypto, according to the data compiled by OpenSecrets. Coinbase donated $1 million to the Trump-Vance inauguration committee before the election results were known, according to the company.

“Coinbase is committed to working with the administration and both sides of Congress to create regulatory clarity for crypto, and it’s important to engage early in order to hit the ground running,” Coinbase Vice President for US Policy Kara Calvert said. “That’s why Coinbase committed to supporting President Trump’s transition and ultimately his inauguration well ahead of the election. “We are eager to work with the most pro-crypto Administration in the US history as we build the future of crypto in America,” Calvert said.

Terron Gold