XRP News: Ripple Co-Founder Chris Larsen Invests in New Crypto Perpetuals Exchange
Highlights
- Ripple's co-founder Chris Larsen invested in American Perpetuals Exchange Corp (APEC).
- The new crypto perpetuals exchange is founded by US Senator Kirsten Gillibrand’s son.
- The firm met with SEC-CFTC Harmonization Initiative staff to apply for designated contract market license.
Chris Larsen, co-founder and executive chairman of Ripple, has invested in a new crypto perpetuals exchange by US Senator Kirsten Gillibrand’s son. The startup has already raised $30 million in a recent early-stage venture capital (VC) round. This is major news for the XRP community as XRP price jumped 5%.
Ripple’s Chris Larsen Backs American Perpetuals Exchange Corp
Chris Larsen was one of the few investors who backed American Perpetuals Exchange Corp. (APEC), Politico reported. The crypto perpetuals firm was founded by Theodore Gillibrand, the 22-year-old son of Senator Kirsten Gillibrand.
American Perpetuals Exchange Corp has raised $30 million at a $300 million valuation, led by Lux Capital. Notably, angel investor and Ripple’s executive chairman Chris Larsen, hedge fund manager John Griffin, investor Mark Ein, and Anduril Industries founder Palmer Luckey, a longtime supporter of President Donald Trump, also invested in the firm.
Although Larsen’s exact contribution was not included in the report. However, Annica Benning, a spokesperson for Theo Gillibrand’s company, reportedly confirmed that the majority contributed between $5,000 and $10,000 into the crypto derivatives platform.
CoinGape analyzed known wallets linked to Ripple executive chairman and found no transfers from those wallet addresses. Chris Larsen still holds 2.23 billion XRP worth $2.43 billion.
SEC-CFTC Harmonization Staff Meeting with Gillibrand’s Crypto Perpetuals Firm
The SEC-CFTC Harmonization Initiative staff met with representatives from American Perpetuals Exchange Corp last month. APEC to apply for a designated contract market license with a special exemption to list perpetual futures on single-name equities under joint SEC and CFTC oversight.
They discussed topics including SEC-CFTC harmonization and reducing cost and complexity in equity derivatives through regulated, exchange-traded perpetual contracts.
American Perpetuals Exchange Corp highlighted over $100 billion in daily crypto perpetuals trade globally, perpetuals having 90% shares of total crypto derivatives volume, and over $1 billion in daily equity perp volume on unregulated offshore platforms.
However, many platforms such as CFTC-regulated Kalshi launched crypto perpetuals trading during this time. Kalshi now offers perpetuals trading for Bitcoin, ETH, XRP, and 10 more altcoins.
XRP price jumped more than 5% amid news that Ripple’s Chris Larsen invested in a crypto perpetuals platform. Price is trading at $1.10, with a 24-hour range of $1.07 to $1.11.
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