Key facts
- Ripple co-founder Chris Larsen invested in American Perpetuals Exchange Corp. (APEC).
- APEC was founded by Theodore Gillibrand, son of Senator Kirsten Gillibrand.
- The startup raised $30 million in an early-stage venture capital round.
- APEC aims to apply for a designated contract market license with a special exemption.
- XRP's price increased by over 5% following the investment news.
Ripple co-founder Chris Larsen has invested in American Perpetuals Exchange Corp. (APEC), a new cryptocurrency perpetuals exchange founded by Theodore Gillibrand, the son of U.S. Senator Kirsten Gillibrand. The startup successfully raised $30 million in an early-stage venture capital round, with Lux Capital leading the investment. Other notable angel investors include hedge fund manager John Griffin, investor Mark Ein, and Anduril Industries founder Palmer Luckey.
APEC is reportedly seeking a designated contract market license with a special exemption from the SEC and CFTC to list perpetual futures on single-name equities. Representatives from APEC met with the SEC-CFTC Harmonization Initiative staff last month to discuss reducing costs and complexity in equity derivatives through regulated, exchange-traded perpetual contracts. The company highlighted the significant global daily trading volume of crypto perpetuals and equity perpetuals on unregulated offshore platforms.
In response to the news of Larsen's investment, the price of XRP saw an increase of over 5%, trading around $1.10. While Larsen's exact contribution amount was not disclosed, a spokesperson for APEC confirmed that the majority of angel contributions ranged between $5,000 and $10,000. Analysis of known wallets linked to Larsen did not show any transfers, and he continues to hold a substantial amount of XRP.