Business

Ripple's price surge has made this man one of the world's richest people

  • Graham Rapier

XRP, a cryptocurrency for international money transfers by the fintech company Ripple, has been on a tear over the past month, skyrocketing to the No. 2 cryptocurrency by market cap.

That astronomical rise to $US2.47 a coin – up from $US0.25 in mid-December – has made the co-founder and former CEO of the company one of the world's richest people.

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Chris Larsen, who founded Ripple Labs – now known as just Ripple – in 2012, owns 5.19 billion of its XRP cryptocurrency, Forbes reports. At Tuesday's exchange rate, that gives his holdings a value of $US12.82 billion.

Forbes also reports that Larsen owns a 17 per cent stake in the company, citing sources inside the firm, bringing his total net worth to $US37.3 billion ($47.6 billion). That would make him the 21st richest person in the world, according to Bloomberg's Billionaire Index – just behind Indian business magnate Mukesh Ambani.

According to Forbes, Chris Larsen owns over 5 billion of XRP. Photo: LinkedIn

The 57-year-old stepped down as CEO of Ripple in November 2016, turning over the reigns to current CEO Brad Garlinghouse, who owns a 6.3 per cent stake in the company, Forbes reports. Larsen currently serves as chairman.

XRP was easily the best performing cryptocurrency of 2017, rising 37,900% from $US0.0065 per token in January 2017, to $US2.47 by the end of the year. The cryptocurrency now has a market cap of $US94 billion, according to CoinMarketCap.com, placing it behind only bitcoin in total value.

This story first appeared in Business Insider. Read it here or follow BusinessInsider Australia on Facebook.