Ripple Pledges $5M in XRP to Support Trump’s Inauguration
Highlights:
- Ripple reportedly pledges $5 million in XRP to support Donald Trump’s inauguration ceremony.
- Apart from Ripple, several other crypto firms and individuals have donated massively to show solidarity with the United States president-elect.
- Trump’s Inauguration planning committee revealed that it has received about $200 million in monetary donations.
In a tweet circulating, renowned Fox Business journalist Eleanor Terrett reported that Ripple pledged to support Donald Trump’s inauguration with a $5 million worth of XRP contribution. The cross-border payment firm’s donation will form part of the massive funding the Trump inaugural committee has received from corporate and individual well-wishers.
Meanwhile, with its contribution, Ripple hopes to foster a pro-crypto administration in the United States. Aside from merely showing solidarity for Trump, Ripple’s $5 million donation was significant for matching the highest-ever single donated sum in the United States inauguration history.
Ripple has announced a historic $5 million donation in $XRP to President-elect Donald Trump's inaugural fund, setting a new benchmark by matching the largest single donation ever recorded in U.S. inauguration history. This contribution underscores Ripple's commitment to engaging… pic.twitter.com/ecOGTl579F
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) December 20, 2024
Trump’s Inaugural Celebration Attracts $200 Million from Donors
According to Terrett, the inauguration ceremony to celebrate Trump and his Vice President-elect, JD Vance’s victory at the November 2024 polls will happen a few days before and after their official office assumptions on January 20, 2025. To make the event colorful, Trump’s inaugural planning committee noted that it had received massive donations valued at about $200 million.
The raised sum has significantly surpassed the $107 million a similar committee representing Trump realized in 2017. Similarly, it exceeded the $62 million raised by Joe Biden’s team in 2021. With few days remaining before the inauguration ceremony begins, chances abound that the donated sum for the January 2025 event would surpass $200 million.
🚨SCOOP: Trump inauguration draws big crypto donations
Corporate #crypto giants @coinbase, @krakenfx, @Ripple and @moonpay have donated to the Trump-Vance inaugural fund, FOX Business has learned.https://t.co/sQdY1ZKqFJ
— Eleanor Terrett (@EleanorTerrett) December 20, 2024
How Other Companies Contributed
Per reports, crypto exchanges Kraken and Coinbase donated $1 million each to support the inauguration party. Aside from the spotlighted trading platforms, MoonPay, another renowned payment outlet, disclosed plans to donate to the big event. However, it failed to reveal the exact amount it intends to contribute.
Like Ripple, every trading firm that donated to Trump’s inauguration seemed to buy similar visions of contributing significantly to a pro-crypto administration. It is worth noting that most of these exchanges have suffered litigation from the U.S. Securities and Exchange Commission (SEC).
Market participants expect that with Trump’s favorable disposition to crypto and other digital assets, exchanges would attain full operational potential. Attaining such feats seemed plausible, especially with Gary Gensler’s imminent office exit as the SEC chairman.
Aside from the company’s individuals, especially the CEOs of leading firms have supported the United States president-elect by contributing massively to his inauguration party. For context, Amazon’s founder Jeff Bezos, Facebook’s Mark Zuckerberg, OpenAI’s Sam Altman, and Uber CEO Dara Khosrowshahi contributed $1 million each to fund the event.
Trump Delivers Some of his Election Promises
While he waits for his official office assumption, Trump has already set the ball rolling to deliver his campaign promises. The president-elect is considering an innovative crypto enthusiast, Paul Atkins, to take over from Gensler as the SEC’s new chairman.
In addition, Trump has appointed David Sacks as the United States’ premier crypto and AI “czar.” The role entails bridging the gap between crypto, AI, and regulatory entities. Aside from the appointments, Trump’s World Liberty Financial (WLFI) has been amassing cryptocurrencies in several buying sprees.
In one of our old publications, we reported that the firm invested 250,000 USDC to purchase 134,216 ONDO tokens. In another news coverage, Crypto2Community revealed that the WLFI project spent about $12 million in a buying spree to procure Chainlink (LINK), Ethereum (ETH), and Aave (AAVE).
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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