Ripple co-founder and cryptocurrency billionaire Chris Larsen is among a roster of elite investors who have thrown their support behind American Perpetuals Exchange (APEC), which is a new financial startup launched by Theo Gillibrand, the 22-year-old son of well-known New York Democratic Senator Kirsten Gillibrand.
Gillibrand, a recent Stanford University graduate, has managed to attract a “who’s who” of angel investors for his new platform.
APEC’s backers include Larsen, hedge fund manager John Griffin, Washington-based investor Mark Ein, and Anduril Industries founder Palmer Luckey.
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A pro-crypto senator
The impressive roster of supporters has been described as long-time friends and mentors to Theo. The majority of these angel investors contributed between $5,000 and $10,000 each.
APEC has reportedly secured a massive $30 million funding round led by Lux Capital. Its valuation has now surged to a staggering $300 million.
The business plan involves perpetual futures products pegged to U.S. equities.
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A representative for Larsen has confirmed that he is “proud to support the organization.”
There is growing scrutiny surrounding APEC due to Senator Gillibrand’s role in shaping U.S. cryptocurrency regulations. Many crypto-cautious Democrats view the industry with pronounced skepticism, but Gillibrand has positioned herself as a bipartisan cheerleader for the sector that frequently attracts jeers from the industry.
Gillibrand has been a vocal supporter of ethics reform within the crypto space. She has backed specific provisions that would ban lawmakers from using the newfangled asset for personal profit.
Larsen’s political influence
On top of the recent investment, the Ripple executive and Democratic megadonor has been deploying his crypto fortune to influence tight political races.
As reported by U.Today, Larsen’s crypto-affiliated Super PAC recently injected a massive $1 million into Colorado’s hyper-competitive 8th congressional district. The financial boost helped Larsen’s preferred candidate comfortably defeat his opponent.