Ripple's Larsen Backs Crypto Perpetuals Exchange Amid Growing Demand

Ripple's executive chairman Chris Larsen has invested in American Perpetuals Exchange Corp (APEC), a new crypto perpetuals exchange founded by US Senator Kirsten Gillibrand's son, Theodore. The startup has already raised $30 million in an early-stage venture capital round led by Lux Capital.

Larsen was one of several notable investors who backed APEC, including hedge fund manager John Griffin and investor Mark Ein. Notably, the majority of contributors invested between $5,000 and $10,000 into the crypto derivatives platform, according to a spokesperson for APEC.

APEC aims to apply for a designated contract market license with a special exemption to list perpetual futures on single-name equities under joint SEC and CFTC oversight. The company highlighted the growing demand for regulated perpetual contracts, citing over $100 billion in daily crypto perpetuals trade globally and over $1 billion in daily equity perp volume on unregulated offshore platforms.