ltechnologygroup.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
- XRP, a cryptocurrency by Ripple, reached new highs on Thursday.
- The digital tokens have risen astronomically since last year, making its cofounder a multi-millionaire, provided he could sell his stake.
- It’s important to distinguish the value to XRP from the value of its controlling company, Ripple.
XRP, the second-largest cryptocurrency by market cap, hit an all time high of $3.315 per unit just before 8 a.m. Eastern on Thursday.
The huge jump in value – up more than 1300% since December – has made multimillionaires out of the lucky few who own massive amounts of the cryptocurrency.
Chris Larsen, who cofounded Ripple Labs (now just known as Ripple) in 2012, owns 5.19 billion XRP, or 13% of the total XRP in circulation, the company told Business Insider on Tuesday. At Thursday’s exchange rate, that stake is worth $16 billion – provided he could find a way to sell any or all of his holdings.
Some crypto fanatics on Twitter have said Larsen could be the richest man in the world, even ahead of Bill Gates. None of the calculations could be confirmed by Business Insider. Still, the tweets have gained traction with hundreds of retweets.
Larsen, who could not be reached for comment, also owns a 17% stake in Ripple, the company behind XRP, the company confirmed Tuesday. The company has raised $93.6 million in funding over nine rounds to date, according to CrunchBase.
“It would be helpful to think of Ripple as a corporation,” Ripple’s vice president of product, Asheesh Birla, told Business Insider on Wednesday. “We make software products and we sell them to banks, payment providers, like MoneyGram just as an example, and then corporates. XRP ledger is a standalone decentralized product, and the primary use-cases are around digital assets.”
XRP currently has a market cap of $143 billion, making it the second-largest digital currency behind bitcoin. The decentralized ledger for XRP was created and is maintained by Ripple, which is also holding 54 billion of the currency in escrow to “provide predictability about XRP supply,” it said last month.
XRP is up 16.91% Thursday and is currently trading at 3.1839, according to Markets Insider data.
At L Technology Group, we know technology alone will not protect us from the risks associated with in cyberspace. Hackers, Nation States like Russia and China along with “Bob” in HR opening that email, are all real threats to your organization. Defending against these threats requires a new strategy that incorporates not only technology, but also intelligent personnel who, eats and breaths cybersecurity. Together with proven processes and techniques combines for an advanced next-generation security solution. Since 2008 L Technology Group has develop people, processes and technology to combat the ever changing threat landscape that businesses face day to day.
Call Toll Free (855) 999-6425 for a FREE Consultation from L Technology Group, https://www.ltechnologygroup.com.