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Candidates running for the 2022 midterm elections could boost the campaign’s boots by launching a funding platform that accepts and processes cryptocurrency donations.
A new platform, titled Engage Raise, is scheduled to launch in July, allowing federal candidates to raise cash for their campaigns only through cryptocurrencies.
Cryptocurrency executives have donated more than $ 30 million to federal candidates and campaigns since the start of the 2020 election cycle, increasing supporters of cryptocurrencies such as Bitcoin investors. Eric Finman will be the primary campaign funder.
“Candidates can use our platform to connect to the crypto and blockchain community through funding, events and messaging,” Martin Dobelle, CEO of Engage Labs, the parent company of Engage Raise, emailed CNBC. Told. The campaign will be able to handle contributions in all major cryptocurrencies, either through a web browser or by adding widgets to the website, Dobelle said.
Digital currencies are known to allow owners to trade anonymously, but all cryptocurrency donations via Engage, like most election donations, must be disclosed to the Federal Election Commission. ..
According to Dobelle, Engage Labs has already invested nearly $ 1 million in pre-seed investments. He said most of the early funding came from business leaders, including AlReid, founding partner of Calypso Investment Partners, and Raf Michaelowski, CEO of Hotspot seller CoastFi.
Real Estate Company Chairman Alan Keen Keewin Real Property said it has invested in some Engage Labs. This is because we believe that “accepting cryptocurrencies for campaign donations will help bring the democratic process further into the digital age.”
The move by political donors to create an online platform for using cryptocurrencies is coming as a larger crypto industry. It will be a powerful lobbying activity in Washington.
Cryptocurrencies have tried to exert influence on Capitol Hill, but the industry as a whole seems to be in the midst of bumpy spread. CoinbaseThe cryptocurrency exchange recently announced that it will dismiss nearly one-fifth of its workforce in the midst of a stock collapse. Cryptographic price..
Bitcoin this week Plump to new 18-month lowsIt fell below $ 21,000 on Wednesday. The most valuable cryptocurrencies have fallen by nearly 70% since they surpassed a record $ 68,000 in November 2021. The second largest token, Ether, is almost 80% down from the peak of the crypto boom.
Dobelle is launching Engage Labs and Engage Raise despite the crypto struggle, the digital currency market will recover by early next year, and crypto-related financing could play a role in the presidential vote. I believe it will continue until one 2024 election.
“We are optimistic that the broader market will recover with cryptocurrencies and that the upcycle of major cryptocurrencies will lead to a very important election in 2024,” Dobel said.