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Here’s how much Donald Trump has raised in cryptocurrency donations
Former US President Donald Trump continues to attract cryptocurrency donations ahead of the upcoming elections. On-chain cryptocurrency donations total around $60,000, while other sources soar. These on-chain donations do not include donations through centralized cryptocurrency exchanges like Coinbase.
Donald Trump’s Onchain Crypto Donations Stalled
According to data from the blockchain analytics firm, Bread crumbs, on-chain cryptocurrency donations to Donald Trump’s campaign are worth $59,386. Around 218 donors withdrew the amount while inflows increased from other sources. James Delmore, data analyst at Breadcrumbs, noted that on-chain giving is not easy and leads to a lot of inflows from cryptocurrency exchanges that are not considered on-chain giving.
“Cryptocurrency transactions (including donations) recorded on a blockchain are known as “on-chain” transactions. In contrast, transactions NOT recorded on a blockchain are called “off-chain” transactions. Off-chain transactions typically occur through centralized entities, such as Coinbase or other software platforms. currency transactions (including donations) recorded on a blockchain…”
Donations received so far are sent to Ethereum, Base and Polygon with the accepted cryptocurrency USDC. A breakdown of the funds shows approximately $27,500 from Polygon, $20,000 from Ethereum, and $11,300 from Base. Meanwhile, Trump’s campaign has raised more than $260 million, including cryptocurrency donations. Traditional donations have overtaken digital assets, but many see this as a huge step towards mainstream cryptocurrency adoption.
In a related development, the Winklevoss twins announced a donation of $2 million in Bitcoin to Donald Trump, adding that they will support the former president due to his pro-industry stance.
Cryptocurrencies become mainstream
Trump’s announced accepting cryptocurrency donations in May, sparking a frenzy after positioning himself as a pro-crypto candidate. Over the past two years the US cryptocurrency regulatory space has seen several lawsuits against companies with little regulatory clarity.
However, the months leading up to the election saw a major change Congress with attempts at pro-cryptocurrency laws.
Read also: Hedge Funds Will Exit Bitcoin and Short MicroStrategy, Warns Peter Schiff
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.