Ripple’s co-founder Chris Larsen named world’s wealthiest crypto-billionaire
Chris Larsen, co-founder of Ripple Labs – the company behind the Ripple blockchain and digital asset XRP, has been named in the Forbes 400 list of the wealthiest Americans. He is the only person on the list that has accumulated wealth solely due to cryptocurrencies.
Forbes released the list titled, “The Definitive Ranking of The Wealthiest Americans”, wherein they placed Larsen on the 383rd spot. With an estimative net worth of $2.1 billion, Larsen is tied with seventeen other billionaires, including the likes of Gordon Getty of Getty Oil, Jeffrey Lurie from the Philadelphia Eagles, Apollo Management’s Anthony Ressler, among others.
At the top of the list is Amazon’s Jeff Bezos, who surpassed Bill Gates of Microsoft. Gates had topped the list for over two decades. Dropbox CEO Drew Houston is another new entrant to the list.
Forbes had earlier estimated Larsen’s net worth to be in excess of $37.3 billion in January. He reportedly has holdings of over 5.19 billion XRP, since 2012. However, the current value of the XRP is $0.48, much lower than what it was at the start of the year, which was at $2.39.
Given the volatility and uncertainty in the crypto market, Larsen’s feat is slightly tinted. Ripple could’ve potentially had two of its representatives on the Forbes 400 list. Its current CEO Brad Garlinghouse had amassed an estimated wealth of $9.5 billion in January, but given the bearish movement of the market, his net worth dipped significantly. However, Garlinghouse did not make the cut into this year’s list, which set the minimum bar at $2.1 billion.
Though XRP may not be rising as much as many hoped it would, Ripple has been making huge strides in the blockchain space in the past week alone. Ripple’s Swell 2018 kicked off on October 1 and 2, which witnessed participation from major market proponents in finance, technology, and even politics. The event marked the San Francisco-based company as being an integrator of a wide array of industries.
Furthermore, Ripple’s payment sphere was propelled by the launch of the MoneyTap application with Japan’s SBI Group and OnePay FX from Spain’s Banco Santander, which uses Ripple’s cross-border payments platform xRapid.
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