Over the past week, the cryptocurrency known as XRP has seen a dramatic rise in value. At the start of December, it was valued at $0.25. By the end of the year, coin, which was created by Ripple,was worth $2.47 making it the second most valuable cryptocurrency in terms of market capitalization.
This rise in the coin’s value has been good for everyone involved in the business, but perhaps the biggest winner is Chris Larsen. In 2012, Larsen co-founded Ripple Labs, since renamed to Ripple, and owns 5.19 billion of the XRP currency. The current exchange rates means that his stash of cryptocurrency is worth roughly $12.82 billion.
In addition to his share of XRP, Larsen also owns 17 percent of Ripple making his total net worth about $37.3 billion. Business Insider reports that such wealth would mean that Larsen is currently the 21st richest person in the world.
While most of the mainstream press focused its attention on the dramatic ups and downs of Bitcoin, it could be easily argued that XRP was the true winner of 2017. It’s not as valuable as Bitcoin, but has also, so far, avoided the downturns that have accompanied Bitcoin investments. In total, XRP saw an increase in value of 37,900 percent from the beginning of 2017 to the end.
Currently, the coin has a market cap of $94 billion making it the second most valuable cryptocurrency after Bitcoin. It remains to be seen what the future of cryptocurrencies hold, but we would suggest keeping an eye on XRP and Ripple.
This article was curated from Google News. You can read the original article here.