Education

A glimpse into the world of crypto richest

the world of crypto richest

At the inception of Bitcoin in 2009 by a Satoshi Nakamoto, nobody imagined how much of a big deal it would be a decade later. It still seems like yesterday people were just getting used to the idea of currency as the piece of paper in their hands. Today, they are amazed at the thought of storing wealth digitally using cryptocurrencies. With the existence of exchange platforms and blockchain-driven wallets amassing wealth has been made possible for traders and investors alike. Cryptocurrency trading has accumulated wealth so much that it lately caught the attention of Forbes.

Digital currencies have lately been on the receiving end of backlashes from several financial institutions, governments, and top investors with claims that drug dealers highly favor them. Forbes decided to release this list to redeem cryptocurrency’s name and legalize it as a real asset on the economic stage. The list of the richest in crypto that will be highlighted here involves some individuals including investors, developers, innovators, and founders of cryptocurrency exchange platforms and big-time financiers and institutional investors.

Below is a complete breakdown of each of them and why they managed to appear on the list

Chris Larsen (Net worth: $7.5-8 Billion)

Designation: He is currently the chairman and former CEO of Ripple Labs, a digital currency platform that expedites international money transfers for banks using blockchain technology. He is also renowned for co-founding and developing some Fintech apps.

Age: 57

What made Chris Larsen one of the richest in Crypto?

As a co-founder of Ripple Labs, Chris Larsen owns 5.2 billion XRP, a Ripple token. Ripple Labs itself controls more than 61 billion XRP of the available 100 billion XRP which is approximately $95 billion. He is also said to own a 17% stake in the company whose latest valuation is $410 million. His 17% stake, as well as personal holdings of 5.2 billion XRP, amounts to a net worth of about $37.3 billion. Chris is also said to have co-founded e-loan, an online mortgage lender, in 1997 as well as Prosper in 2015 which is currently valued at 1 billion dollars. All these have placed him on top of the CRYPTOCURRENCY RICH LIST in the whole world.

Joseph Lubin (Net worth: $1-$5 billion)

Designation: He is a co-founder of the Ethereum network and a founder of ConsenSys, which is a venture production studio for the Ethereum platform. Before this, he had started his career working in various sectors like robotics, software engineering, neural nets, and machine vision.

Age: 53

What made Joseph Lubin one of the richest in Crypto?

In 2014, he decided to fund the Ethereum blockchain platform. He is rumored to be one of the top buyers in the Ethereum initial coin offering. He also owns a majority stake in his company ConsenSys which has over 600 employees and is operational across 28 countries, and provides the following services:

– Security audits.

– Token launches.

Changpeng Zhao (Net worth: $1.1-$2 billion)

Designation: He is the CEO of Binance, one of the world leading cryptocurrency exchange.

Age: 41

What made Changpeng Zhao one of the richest in Crypto?

Soon after learning about Bitcoin, Changpeng Zhao, sold his house in Shanghai in 2014 to fully engage himself in the Bitcoin hype. In a period of fewer than seven months, CZ, as he is popularly called, was able to build the largest cryptocurrency exchange platform. Back in July, Binance token, BNB was traded for just 10 cents. Now, it trades for $13 and has garnered a market cap of approximately $1.3 billion. He is believed to have the most significant stake of BNB coins. Binance has tremendous 6 million users with 38% of these being US citizens. Binance’s capability to handle 1.4 million transactions per second with 6 million users has made it the largest cryptocurrency exchange platform in the world.

The Winklevoss Brothers (Net worth: $900 million-$1.1 billion)

Cameron and Tyler Winklevoss

Designation: Both of them are co-founders of Winklevoss Capital.

Age: Both are 36 years old.

What made the Winklevoss brothers one of the richest in crypto?

Cameron and Tyler Winklevoss are mostly known for suing Mark Zuckerberg, Facebook founder on claims that he stole their concept of a social network. They settled for a 65-million-dollar settlement of Facebook stock and cash. With their newly acquired 65-million-dollar cash, they chose to invest in Bitcoins and purchased about 120,000 in 2012 when the price of one Bitcoin was less than $10. They also garnered around $350 million from other digital currencies like Ethereum. Besides this, they founded a New York-based crypto exchange known as Gemini. Gemini recently processed 300 million dollars in daily transactions.

Matthew Mellon (Net worth: $900 million- $1 billion)

Designation: Individual Investor

Age: 54

What made Matthew Mellon one of the richest in crypto?

Matthew Mellon is an heir to one of America’s greatest banking wealth established by Thomas Mellon, his great-great-great grandfather. Matthew was also once the chairman of the New York Republican Party’s Finance committee. Despite explicit warnings from family and friends, Matthew managed to engage himself in the then emerging cryptocurrency industry. He had previous investments in Bitcoin which he later sold but ultimately settled for the Ripple token XRP. Matthew was an early investor in Ripple and spent almost $2 million to obtain them. He particularly took an interest in XRP because it was among the digital currencies working in the banking system. His current XRP worth is 1 billion dollars.

Vitalik Buterin (Net worth: $400-$500 million)

Designation: Creator of Ethereum.

Age: 24

What made Vitalik Buterin one of the richest in crypto?

As a teenager, Buterin started the Bitcoin Magazine. He later dropped out of college to accept the Thiel Fellowship which provides young people with $100,000 to do something new instead of spend time sitting in class. Then, he started traveling on his Bitcoins but later discovered there are many limitations with the cryptocurrency. He later founded the Ethereum blockchain platform which has kindled the Initial Coin Offerings agenda and has hit a market cap of 100 billion dollars which had a tremendous effect on Vitalik Buterin networth. Presently, Buterin collaborates with companies likes of JP Morgan, BP, and Microsoft.

Brendan Blumer (Net worth: $600-$700 million)

Designation: He is the CEO of Block.one

Age: 31

What made Brendan Blumer one of the richest in crypto?

Blumer’s journey into the cryptocurrency space began when he was 14 years old where he would sell magic weapons and characters in online games like Ever-quest and World of Warcraft. In 2005, his company, Gamecliff, was obtained by Brock Pierce’ (IGE) Internet Gaming Entertainment. In 2007, he established Accounts.net which marketed game avatars. It transcended $1 million revenues monthly. He launched Okay.com, a data sharing platform for real estate brokers within the Asian region in 2010.  Both Brendan Blumer and Dan Larimer started working on Block.one in 2016. While operating from Hong Kong, Blumer famously pulled off one of the most exceptional token sales with $1 billion raised for EOS.IO. Last year, the EOS coins market value reached an unbelievable $10.9 billion and ultimately leveled to 8.8 billion recently. Blumer is said to own about 15% of Block.one.

Anthony Di Lorio (Net worth: 750 million-$1 billion)

Designation: Co-founder of the Ethereum platform. He is also the founder of Decentral and Jaxx.

Age: 43

What made Anthony Di Lorio one of the crypto richest?

In 2012, Anthony launched a Toronto Bitcoin Meet up Group in a move to find other like-minded people. That’s where he met Vitalik Buterin, Ethereum’s founder. Having a few hundred thousand dollars from earlier business ventures, Anthony decided to fund Ethereum’s coding and legal counsel before the platform went public. He helped create the Ethereum platform which is worth $100 billion at the moment. He also invests in other cryptocurrencies like Vechain, Zcash, and Qtum. His strategy targets investing in new digital assets early, wait until the assets grow, level off and then pour profits into other promising digital assets.

Tim Draper (Net Worth: $350-$500 million)

Designation: He is the founder of Draper Associates.

Age: 59

What made Tim Draper one of the richest in crypto?

Tim’s interest in cryptocurrency began 15 years ago in South Korea when he met a father who had purchased a virtual sword for his son using real cash. The concept was so etched in him that when he learned about Bitcoins, he was instantly hooked. Draper invested $250,000 of his money in purchasing Bitcoins when it sold for about $6. Sadly, he lost it all in the collapse of the Mt Gox exchange in 2014. Luckily enough, fate was on his side since that same year; the US Marshall Service auctioned about 32,000 Bitcoins that had been seized from Ros Ulbricht who ran Silk Road, an online black marketplace. Tim bought the Bitcoins at a price of almost $20 million. He has invested in over 40 more digital assets since then.

 The Conclusion

The above list of people gives a precise and concise view of the kind of returns that great investment opportunities can yield for the early adopter. A significant takeaway that we can learn from the most-rich people in cryptocurrency is that making an initial investment choice earlier on before others do is the best way to stay ahead of the rest.

The characteristics that people on this list have in common is the capability to take advantage of chances and risks where others are afraid to venture.