Exodus Donates $1.3 Million to Crypto Advocacy Group Ahead of US Elections

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served…

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Last updated:

September 25, 2024 06:40 EDT

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Crypto wallet provider Exodus has donated a significant amount of funds to the Stand With Crypto Alliance, aiming to promote the nascent industry among US voters.

On September 24, the team behind the wallet announced that it committed $1.3 million to the crypto advocacy group.

According to the post, the funds will help support the Alliance’s “mission of educating and mobilizing crypto voters” around the US.

Founded in 2015, Exodus is the US-based company behind the multi-asset software wallet.

In August this year, the company announced a “strong Q2 performance.”

Its revenue jumped 80% year-over-year (YoY) to $22.3 million, compared to $12.4 million recorded in the second quarter of 2023.

Monthly active users were 1.5 million in Q2 2024, compared to 1.2 million in Q2 2023.

Also, the exchange provider processed volume stood at $1.05 billion, up 78% from $0.59 billion in Q2 last year.

However, it also saw a net loss of $9.6 million, compared to $1.9 million of income at the same time last year.

Meanwhile, in July 2024, Exodus launched its Passkeys Wallet with biometric or PIN login.

$180.7M Donated to Crypto Advocates

The Stand With Crypto Alliance, a 501(c)(4) nonprofit, was launched in launched on August 14, 2023, by Coinbase’s Chief Policy Officer Faryar Shirzad.

Partners include Coinbase, Kraken, OpenSea, Paradigm, Gemini, Hedera, Anchorage Digital, and more.

This group’s goal is “to mobilize the 52 million American crypto owners into a powerful force.”

The group’s website states that 22% of democrats in the US hold crypto, as do 22% of independents and 18% of republicans.

Moreover, according to the Federal Election Commission, as of June 30 this year, $13,690.18 went directly to the Alliance.

The group’s website states, though, that $180,672,293 has been donated to crypto advocates. $177.88 million went to Fairshake, a pro-crypto Super PAC, and $2.79 million went to the Stand With Crypto Alliance, it claims.

The website also provides a list of politicians according to their level of support for the crypto industry.

This list includes some well-known names in the space, such as Cynthia Lummis, who is, unsurprisingly, rated as “strongly supportive.”

Notably, significantly more listed politicians are pro-crypto than against it. But the majority is rated as “N/A, no stance/pending.”

While ex-President Donald Trump and his running mate JD Vance are “strongly supportive” of crypto, Vice President Kamala Harris and possible future Vice President Tim Walz are “N/A.”

Harris recently said that, as President, she would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”

Furthermore, the Stand With Crypto website lists 21 endorsed candidates for House and Senate: 10 Democrats and 11 Republicans.

Note: The rankings and endorsements are focused only on the crypto stance of particular candidates. They do not take into account any other relevant issue. Make sure to do your own research.