Ripple co-founder Chris Larsen has joined a roster of high-profile angel investors backing American Perpetuals Exchange (APEC) — a new financial startup founded by Theo Gillibrand, the 22-year-old son of New York Senator Kirsten Gillibrand.
APEC just secured a $30 million funding round led by Lux Capital. Valuation: $300 million. The business plan involves perpetual futures products pegged to US equities.
The investor list reads like a who’s who. Larsen, hedge fund manager John Griffin, Washington investor Mark Ein, and Anduril founder Palmer Luckey. Most put in between $5,000 and $10,000 each. Larsen’s camp confirmed he’s “proud to support the organization.”
There’s scrutiny here, and it’s deserved. Senator Gillibrand has been a key voice in US crypto regulation. She’s positioned herself as a bipartisan advocate for the industry. Her son launching a crypto exchange — and raising millions — is going to draw questions.
Gillibrand has supported ethics provisions banning lawmakers from using crypto for personal profit. But this is her son’s company, not hers. The optics are complicated.
Meanwhile, Larsen has been flexing his political muscle separately. His crypto-affiliated Super PAC recently dropped $1 million into Colorado’s 8th congressional district race. The candidate he backed won comfortably.
