With the price of cryptocurrencies constantly fluctuating, some folks, who also happen to be shareholders, entered the Forbes billionaires list. No, we are not talking about bitcoin again.
With the price of cryptocurrencies constantly fluctuating, some folks, who also happen to be shareholders, entered the Forbes billionaires list. No, we are not talking about bitcoin again. This time Ripple is in the spotlight since they managed to surpass Ethereum and are now the second- most valued digital currency.
Ripple’s token, the XRP, has a market cap of $88.9 billion as of Monday. Just one year ago, one XRP token could be exchanged for as little as $0.006. One year later, its price went up to $2.66, which means that those who had invested in the currency have hit a return of 38.000%. The biggest winners, of course, are Ripple’s founders and CEOs.
Chris Larsen, co-founder and former CEO, possesses 5.19 billion XRP and additional 17% company share. His belongings are estimated to be near $37.3 billion, under current rates. His net worth makes him the 15th richest person in the Forbes rankings, ahead of Fidelity’s CEO Abigail Johnson, investor Carl Icahn and hedge funder Ray Dalio. Approximately the same net worth shares current Los Angeles Clippers owner, Steve Ballmer.
Another Ripple CEO, Brad Garlinghouse, who owns 6.3% of the company and an unknown number of XRP tokens, has a net worth of probably $9.5 billion. This sum lands him on the 54th place on the Forbes list, just a few positions behind Charles Schwab. Jed McCaleb, another Ripple co-founder, who eventually left the Ripple camp in 2013 but reached an agreement over his XRP tokens currently owns 5.3 billion tokens that are worth $14.1 billion. According to him, he donated 2 billion tokens to a charity fund, which means that he previously had 7.3 billion Ripple tokens.
Unfortunately for him, he does not have access to the whole sum but each month he can sell 1% of the daily volume on one exchange, which is around 1-2% of the whole XRP traded. He reportedly had run out of Bitcoins, which he had invested in founding Ripple. After leaving, he went on founding another blockchain currency – Stellar Lumens. Each lumen is valued $0.68 and he reportedly owns one billion Stellars.
Ripple’s customers such as American Express and Santander use the technology for trans-Atlantic transactions. The big name customers undoubtedly play a major role is Ripple’s price surge. The currency itself is vastly decentralized because a company owns it. The company owns 61.3 billion tokens, 37.8 billion are publicly available for trade and an additional 55 billion are kept in escrow.
Despite that currently, stakeholders are billionaires we cannot be sure they will be in the next few months as the price of cryptocurrencies is unstable, to say the least.