Chris Larsen, the co-founder of Ripple Labs is now one of the richest people on the planet, thanks to the insane growth in the price of the currency. 2017 was an exceptional year for the currency – where it grew from $0.0065 to $2.47 – a growth of over 36000%. This was the highest any cryptocurrency grew this year, breaking all barriers and setting a new record.
While this growth seems high, a lot of it happened over the last month itself as Ripple grew from $0.25 to $2.47 in just a month! What makes Larsen one of the richest men on planet is the fact that he owns 5.19 Billion units of XRP. Chris Larsen founded Ripple Labs in 2012 and retired as CEO in late 2016. The current CEO is Brad Garlinghouse.
In addition to owning 5.19 Billion units of XRP, Chris Larsen also owns a 17% stake in the company. The currency that he holds accounts to $12.82 Billion as per latest calculations. If you add the stake he owns in the business, it puts his total net worth at around $37 Billion, which would make him the 21st richest man on planet. He would be ranked just behind India’s Mukesh Ambani who stands in at #20.
After stepping down as the Ripple CEO in 2016, 57 year old Chris Larsen now acts as the Chairman for the company. The currency CEO Brad Garlinghouse owns a 6.3% stake in the company. Ripple has grown a lot over the years – also increasing the net worth of those involved with the company.
Over the last week of December, the currency overtook Bitcoin Cash to take the third position in the markets, and then took over Ethereum to occupy the #2 position. With over $94 Billion invested in it, it is second only to Bitcoins at the moment. With banks showing interest in Ripple’s technology of fund transfer, it looks like the future is bright for the currency as well.