Giant Crypto Companies Rallies Behind Trump's Inauguration As Trump Starts Delivering His Promises

Cryptocurrency companies have joined many tech companies like Apple, Google and Amazon by donating millions towards President-elect Trump's inauguration celebrations.

Cryptocurrency exchange Coinbase and Kraken has each donated $1 million to the Trump-Vance inaugural committee, the organization funding the three-day extravaganza of galas, parades and dinners celebrating

Donald Trump and his VP-elect JD Vance's big win in the November election.

Earlier in December, blockchain payments firm Ripple also told the New York Times that the company plans to make a $5 million contribution in the form of crypto Token XRP, the digital asset it uses to facilitate its cross-border payments business.

In an interview with Fox News, Coinbase spokesman told the media company that the company is committed to working with administrations on both sides of the ailes to create regulatory clarity for crypto. For this reason, the company is committed to supporting Trump's inauguration ahead of the election.

Another crypto outfit, MoonPay, a digital asset payment provider, told Fox Business it would also donate to the fund but declined to disclose an exact amount.

The contributions make up a small part of the record $200 million already pledged to the inaugural committe from corporate and individual donors, surpassing the previous record of $107 million raised by Trump's first inaugural committee in 2017, and troucing the $62 million raised by Biden's committee in 2021.

"We finally have a President who understands the potential of crypto"

The contribution of many crypto elites, many of which are given to the presidential inaugural fund for the first time, reflects the enthusiasm the industry has for Trump, who has promised to loosen the crypto regulation that was set in place by the Biden administration.

The industry spent over $200 million in this election cycle, which included major contributions from Ripple, Coinbase, and venture capital firm Andreessen Horowitz. Executives, including Kraken founder Jesse Powell and Andreeessen Horowitz co-founders March Andreessen and Ben Horowitz, were among Trump's largest individual donors.

In his interview with Fox Business, Kraken co-CEO Arjun Sethi said

"Crypto innovation is shaping up to be as big, if not bigger than the software and internet revolutions. For the first time, we have a President who truly understands the potential of disruptive technology and embraces the crypto sector."

Trump already delivered some of his promises?

Since his victory in November, it seems that Trump has already shown signs that he is committed to his promises to support the digital asset industry, including the nomination of the crypto-friendly Paul Atkins as the next chairman of the Securities and Exchange Commission.

He has also appointed David Sacks as the first ever crypto and AI 'czar', where Sacks would be bridging the gap between the industry and regulators by working closely with them on policy initiatives.

Trump has also filled his cabinet with crypto-friendly picks like his Treasury Secretary nominee Scott Bessent, who has been a vocal advocate of the transformative potential of crypto and blockchain technology, and Commerce Secretary nominee Howard Lutnick, the CEO of financial giant Cantor Fitzgerald, who is personally heavily invested in Bitcoin.