It's been a busy week in cryptocurrency, from funds processor Stripe's acquisition of stablecoin platform Bridge to Ripple's co-founder donating $10 million in XRP to Kamala Harris' US marketing campaign in Pennsylvania to move a bipartisan invoice for bitcoin.
Let's take a more in-depth have a look at them and provide you with a recap of what occurred in cryptocurrencies this week.
Stripe acquires stablecoin platform Bridge for $1.1 billion
Cost processor Stripe has accomplished the acquisition of Bridge, a stablecoin platform, in a $1.1 billion deal.
The deal, the biggest for Stripe, which was valued at $70 billion in July, comes after John Collision, Stripe's co-founder, introduced in April that the corporate would “begin supporting world stablecoin funds this summer season.”
This deal is completed. $1.1 billion https://t.co/J7ppK4uHw0
— Michael Arrington 🏴☠️ (@arrington) October 20, 2024
It additionally follows the fee processor partnering with Paxos to launch a stablecoin funds platform. The aim of the collaboration is to simplify how companies settle for stablecoin funds, providing a extra environment friendly and cost-effective various to conventional fee strategies.
Ripple's Chris Larsen donates $10 million in XRP to Kamala Harris
Ripple co-founder Chris Larsen has develop into the crypto trade's greatest donor within the 2024 US election. Earlier this week, Larsen donated $10 million in XRP to the election marketing campaign of Vice President Kamala Harris within the US.
Larsen donated $9.9 million to the pro-Harris Future Ahead political motion committee (PAC) and $800,000 to the Harris Victory Fund.
This newest quantity follows a donation of $1 million in XRP Larsen made to Harris in August. Talking about his newest donation, Larsen stated on X, “It's time for Democrats to have a brand new method to technological innovation, together with cryptocurrencies.”
It's time for Democrats to take a brand new method to technological innovation, together with cryptocurrencies. i imagine @KamalaHarris will make sure that American expertise dominates the world, which is why I’m donating $10 million in XRP to assist it. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
To date, the crypto trade has donated round $190 million to political donations within the 2024 US election cycle. This can be a important improve in comparison with the 2020 election, when $15 million was donated. Of the $190 million, over $130 million was spent in congressional races.
Pennsylvania Home Passes Bitcoin Invoice
The Bitcoin Invoice of Rights has been handed within the Pennsylvania Home, which seeks regulatory readability for the crypto trade.
The brand new invoice received bipartisan assist by a vote of 176 to 26 and is a major step ahead for the US when it comes to regulatory readability in direction of digital belongings. The invoice outlines protections for bitcoin and cryptocurrency holders, together with the proper to self-manage and use for funds.
Within the subsequent part, the invoice will likely be introduced up for debate and a vote within the Republican-led Pennsylvania Senate. If it passes, the ultimate part will go to Governor Josh Shapiro. Nonetheless, these two steps will happen solely after the US presidential election.
The subject of cryptocurrencies performed a distinguished function in the course of the US election marketing campaign, with Donald Trump and Kamala Harris promising to assist the crypto trade if elected as the following POTUS.
