Coinbase, Kraken donate $1M each for Trump-JD Vance inauguration as crypto joins tech to support US President-elect

Cryptocurrency firms, including Coinbase and Kraken, are joining forces with major players in corporate America to support President-elect Donald Trump’s inauguration, contributing substantial amounts to the celebratory events, according to FOX Business.

Prominent crypto exchanges have each donated $1 million to the Trump-Vance inaugural committee. This committee is organizing the events surrounding the January 20 swearing-in of Trump and Vice President-elect JD Vance, including galas, parades, and dinners. Blockchain payments company Ripple has pledged $5 million, paid in XRP, the digital asset central to its business model for facilitating cross-border payments.

Livemint could not independently verify this news development.

“Coinbase is committed to working with the Administration and both sides of the aisle to create regulatory clarity for crypto,” said Kara Calvert, Coinbase’s VP of US Policy, in a statement to FOX Business. “We’re eager to work with the most pro-crypto Administration in U.S. history as we build the future of crypto in America,” as quoted by Fox Business.

MoonPay, another crypto firm, has confirmed plans to donate as well, although the exact amount remains undisclosed.

These contributions form a portion of the more than $200 million already raised by the inaugural committee, surpassing the record $107 million collected for Trump’s 2017 inauguration and far exceeding the $62 million raised for Biden’s inaugural in 2021. A source from the committee expressed confidence in reaching $225 million by Inauguration Day.

Crypto Industry Shows Support for Trump’s Leadership

These inaugural donations reflect a growing enthusiasm among crypto leaders for Trump, who has promised a lighter regulatory approach compared to Joe Biden’s administration. The industry has already invested over $200 million in this election cycle, with significant contributions from Ripple, Coinbase, and venture capital firm Andreessen Horowitz.

Executives like Kraken co-founder Jesse Powell and Andreessen Horowitz partners Marc Andreessen and Ben Horowitz have been some of the largest individual contributors. Kraken co-CEO Arjun Sethi described the incoming administration as one that “truly understands the potential of disruptive technology” and looks forward to collaborating for regulatory clarity.

Trump’s appointments underscore his focus on fostering innovation in the crypto space. He has nominated Paul Atkins, known for his crypto-friendly stance, as the next SEC chairman and created a new role of “crypto and AI czar,” appointing David Sacks to bridge policy and industry collaboration.

“With trusted, knowledgeable crypto advocates like Paul Atkins and David Sacks, the future of the crypto industry looks nothing but promising,” Ripple CEO Brad Garlinghouse stated, as quoted by Fox Business.

Tech Titans Follow Suit

Tech leaders are also stepping up their contributions to Trump’s inauguration. Notable donors include Amazon founder Jeff Bezos, Facebook’s Mark Zuckerberg, Uber CEO Dara Khosrowshahi, and OpenAI’s Sam Altman, each pledging $1 million. Bezos and Zuckerberg have even met with Trump recently at Mar-a-Lago, signifying a shift toward collaboration with the administration.

Robinhood CEO Vlad Tenev announced plans to donate $2 million, emphasizing that these contributions mark a notable turnaround from the tech industry’s historically critical stance toward Trump.

As the Trump-Vance administration gears up for a new term, these unprecedented donations highlight a strategic alignment of interests between the crypto and tech sectors and the incoming leadership.