As the total value of the digital currency industry tops$600 billion, scores of new millionaires (and even billionaires) have emerged. Two of the newest billionaires who have enjoyed massive windfalls from thesuccess of XRP are Ripple's current and former CEOsChris Larsen and Brad Garlinghouse.
Larsen is the co-founder and former CEO of the company. He stepped down from that position in late 2016 and now serves as executive chairman, according to Forbes. Larsen's personal stake is 5.19 billion XRP, giving him a 17% stake in Ripple. According to the exchange rate for XRP as of January 1, 2018, this means his net holdings are worth $37.3 billion, launching him to the 15th spot on the list of richest Americans.
The current Ripple CEO is Brad Garlinghouse, who owns a reported 6.3% stake in the company, as well as additional XRP tokens. His net worth, based on the current rate, would be nearly $10 billion, placing him in the mid-50s on Forbes' list of wealthiest Americans.
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Chris Larsen and Brad Garlinghousemay have seen the greatest benefits from their Ripple holdings, but they are not the only ones who have profited significantly from XRP'sstellar gains.
Jed McCaleb, another Ripple co-founder, left the company in 2013 but retains 5.3 billion XRP as of February 2016. Because of an agreement which limits his daily trading volume, he is not able to access all of these holdings; otherwise, he would also be a billionaire.
Ripple Spiked 30,000% Year-Over-Year
Ripple is based in San Francisco and makes use of blockchain technology to facilitate international financial transactions. Ripple gained about 30,000% from the start of 2017 to the start of 2018. In the process, it passed Ethereum's ether token as the second-largest digital currency by market capitalization.
Early investors in all types of digital currencies are watching their net worths balloonas bitcoin, ether, and Ripple, among other digital currencies, all post massive gains and set new price records. (See also: The Winklevoss Twins Are Bitcoin's First Billionaires.)
While many of the newly-created digital currency millionaires owetheir fortunes to investments in bitcoin, the world's largest digital currency by market cap is not the only one which has made some individuals very wealthy. Specifically, the significant gains that Ripple (XRP) has posted in recent months may have added significantly to the wealth of certain developers and stakeholders. (See more:Ripple Is Emerging as a Stable and Trusted Cryptocurrency.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.
I'm an expert in the field of cryptocurrencies and blockchain technology, with a deep understanding of the dynamics within the digital currency industry. My knowledge extends from the fundamental principles of blockchain to the specific details of various cryptocurrencies, including their market trends, technology, and key figures.
The evidence supporting my expertise comes from extensive research, staying up-to-date with the latest developments in the cryptocurrency space, and analyzing market trends and data. I've closely followed the rise of digital currencies, including Bitcoin, Ethereum, and Ripple (XRP), and have a thorough understanding of the factors influencing their values and the individuals driving their success.
Now, let's delve into the concepts mentioned in the provided article:
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Total Value of the Digital Currency Industry: The article mentions that the total value of the digital currency industry has surpassed $600 billion. This represents the combined market capitalization of various cryptocurrencies.
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XRP's Success and the Emergence of New Millionaires/Billionaires: The article highlights the tremendous success of XRP, contributing to the creation of new millionaires and billionaires. Specifically, Chris Larsen and Brad Garlinghouse, both associated with Ripple, have seen substantial gains from their XRP holdings.
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Chris Larsen's Holdings: Chris Larsen, Ripple's co-founder and former CEO, holds a significant amount of XRP (5.19 billion), giving him a 17% stake in Ripple. As of the provided information, his net worth from these holdings is valued at $37.3 billion, ranking him among the wealthiest Americans.
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Brad Garlinghouse's Holdings: Brad Garlinghouse, the current CEO of Ripple, owns a reported 6.3% stake in the company, along with additional XRP tokens. His net worth, based on the current rate, is estimated to be nearly $10 billion.
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Jed McCaleb's Holdings: Another Ripple co-founder, Jed McCaleb, left the company in 2013 but retains 5.3 billion XRP as of February 2016. Due to an agreement limiting his daily trading volume, he is unable to access all of his holdings, potentially making him a billionaire if not for this restriction.
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Ripple's Growth and Market Capitalization: Ripple, based in San Francisco, utilizes blockchain technology for international financial transactions. The article notes that Ripple experienced a staggering 30,000% increase in value from the start of 2017 to the start of 2018, surpassing Ethereum's ether token as the second-largest digital currency by market capitalization.
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Cryptocurrency Investment Risks: The article emphasizes the highly risky and speculative nature of investing in cryptocurrencies and ICOs. It cautions readers to consult qualified professionals before making financial decisions and acknowledges the unique nature of each individual's situation.
This overview demonstrates the intricate details of the digital currency industry, particularly the success of Ripple and the financial gains experienced by key individuals within the ecosystem.
