Chris Larsen, Co-Founder and Executive Chairman of Ripple, has significantly increased his support for Vice President Kamala Harris’s election campaign by contributing $10 million in XRP, making him the largest individual donor in the crypto industry backing Harris.

VanEck Europe’s Solana exchange-traded note (ETN) is now offering staking rewards to investors across the European Union, making the fund even more attractive. This update, which took effect on Monday, allows investors to receive Solana staking rewards that are automatically reinvested daily.

Komainu, a regulated digital asset custodian backed by Nomura, has announced its plan to acquire Propine Holdings Pte Ltd, a Singapore-based provider of digital asset custody services.

Top stories in the Crypto Roundup today:

• Ripple’s Chris Larsen Donates $10M in XRP to Kamala Harris’ Campaign
• VanEck Solana ETN Now Offers Staking Rewards for Investors Across EU 
• Nomura-Backed Komainu to Acquire Singapore-Based Crypto Custodian Propine

Ripple’s Chris Larsen Donates $10M in XRP to Kamala Harris’ Campaign

Chris Larsen, Co-Founder and Executive Chairman of Ripple, has significantly increased his support for Vice President Kamala Harris’s election campaign by contributing $10 million in XRP, making him the largest individual donor in the crypto industry backing Harris.

On social media, Larsen pointed to Harris’s potential to bring a fresh perspective to technology and crypto innovation, expressing confidence in her ability to ensure U.S. leadership in global tech.

Larsen's contribution is directed toward the political action committee (PAC) Future Forward, adding to his prior donation of $1.75 million. This brings his total support to nearly $12 million, further aligning him as a major player in the crypto sector’s political involvement.

Despite Larsen’s efforts, the largest source of crypto campaign funding in the 2024 election cycle comes from the super PAC Fairshake, which has raised $169 million from key industry figures and firms, including Coinbase, Ripple Labs, and Andreessen Horowitz.

Larsen’s contribution, like many from the crypto sector, is funneled through super PACs, which allow for unlimited donations to support campaigns without directly coordinating with candidates, following the 2010 Citizens United ruling.

VanEck Solana ETN Now Offers Staking Rewards for Investors Across EU

VanEck Europe’s Solana exchange-traded note (ETN) is now offering staking rewards to investors across the European Union, allowing investors to receive SOL rewards that are automatically reinvested daily.

The VanEck Solana ETN, listed on Euronext Amsterdam with a valuation of $74 million, reflects the staking rewards directly in the net asset value (NAV) of the product, leading to an increased amount of Solana (SOL) tied to each share.

VanEck charges a 25% fee on staking rewards, a move similar to their Ethereum ETN update in April, which also introduced staking rewards for Ethereum. In the U.S., however, crypto ETFs with staking rewards have yet to be approved by the Securities and Exchange Commission (SEC).

VanEck clarified that staking wouldn’t be part of its proposed spot Solana ETF for American markets, for which staking rewards on exchange-traded products haven’t yet been approved by the Securities and Exchange Commission. Instead, the VanEck Solana Trust will hold its SOL in reserve, following the model of approved spot Ethereum ETFs.

VanEck’s Head of Digital Assets Research, Matthew Sigel, noted that the EU's more flexible approach to ETNs offers asset managers advantages in liquidity and redemption management that aren’t available in the U.S.

Nomura-Backed Komainu to Acquire Singapore-Based Crypto Custodian Propine

Komainu, a regulated digital asset custodian backed by Nomura, has announced its plan to acquire Propine Holdings Pte Ltd, a Singapore-based provider of digital asset custody services.

The acquisition, pending approval from the Monetary Authority of Singapore, will expand Komainu’s footprint in Asia, with Singapore set to become a new regional hub for its operations.

Propine Technologies Pte Ltd, Propine’s subsidiary, is a regulated custodian in Singapore, providing digital payment token services under exemptions provided by the Payment Services Act 2019 and holding a Capital Markets Services License for custodial services under Singapore’s Securities and Futures Act.

Komainu, which is headquartered in Jersey and operates in London, Dubai, and Singapore, provides institutional digital asset services with a focus on bank-grade governance and multi-jurisdictional regulatory oversight.

Paul Frost Smith, Co-CEO at Komainu, stressed the strategic importance of Singapore as a hub for the company’s operations in Asia and noted that Komainu is experiencing significant demand for its services across markets like Hong Kong, Singapore, Malaysia, and Australia, particularly for Komainu Connect, a collateral management platform.

In an interview, Smith also revealed that the company plans to apply for a Major Payment Institution license in Singapore, which would enable Komainu to offer full payment services.

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