Posted on

Meet the 5 Crypto-Billionaires Listed on Fortune’s “40 under 40”

Fortune Logo

The crypto business has proved to be highly lucrative for many people. The year 2017 brought with it an exponential increase in trading volume that led many to become millionaires almost overnight.

While it is true that many of these crypto-millionaires were early adopters who once invested in a technology that – although promising – was worthless, many gained their fortune through the active development and business investments that made cryptocurrencies the social phenomenon they represent for modern society.

Fortune is one of the most prestigious publications in the world of finance. Its rankings are used as a reference to see not only the level of success of various businesses but also the “financial intelligence” of the people behind these initiatives.

Recently, one of Fortune’s most popular rankings was updated. The “40 under 40” List of 2018 represents the 40 wealthiest millionaires in 2018 which are under 40 years old.

Of these 40 billionaires, 5 have businesses directly linked to the world of crypto money. Below is a brief profile of each:

Pavel Durov, 33 Years Old

This successful businessman became famous after founding the social network Vkontakte with his brother Nikolai. Thanks to an aggressive campaign, VK was able to position itself as the social network par excellence in the Eurasian countries.

After selling the company due to legal threats, Pavel founded Telegram, a messaging application that would soon become WhatsApp’s main global competitor. Its innovations and focus on data privacy have made it the favorite app of many.

However, the focus of crypto verse was on the announcement of Telegram Open Network, a third generation blockchain that promises to solve the most critical problems currently faced by “traditional” blockchains.

Telegram Open Network soon became the ICO with the most substantial fundraising in the history of cryptocurrency demonstrating that Mr. Durov has an extremely high level of credibility not only in the crypto sphere but also in the business world in general.

Pavel Durov ranks 25th on the Forbes list.

Vlad Tenev and Baiju Bhatt, 31 and 33 Years Old

Courtesy: Recode

The creators of the Robinhood exchange house are the next on the Forbes list.

Created in 2013, Robinhood takes a different approach when it comes to promoting the trading business. The founding partners of the exchange allow the purchase and sale of stocks with zero-fees.

This business model at the time catapulted them straight to fame. Robinhood currently has a valuation of approximately $5.6 billion.

The famous Exchange House is a favorite of many in the cryptosphere for allowing the trading of cryptocurrencies, with significant volumes of Bitcoins trading on a daily basis.

Vlad and Baijy are number 24 on the Forbes list.

Vitalik Buterin, 24 Years Old

Anyone who has any level of contact with cryptocurrencies has to have heard from Vitalik Buterin. Apart from the subjectivities, his name and contributions to the ecosystem are so important that perhaps only Satoshi Nakamoto himself can overcome him.

The creator of Ethereum is the mind behind the blockchain that allowed many of the current projects to exist. However, his fame has never inflated his ego, and his charisma and humility have made him a role model for many people in the world of crypto money. Vitalik is also the youngest of the crypto-billionaires and the only one under 30 years old.

Ethereum’s project is valued at $48 million, and Vitalik Buterin is ranked 22nd on the Forbes list.

The guy created Ethereum. Do we need to say more?

Brian Armstrong, 35 Years Old

Courtesy: Entrepreneur.wiki

The CEO of Coinbase is the wealthiest crypto-billionaire on the list. He created Coinbase with the intention of becoming “the Google of Crypto,” something Mr. Armstrong took very seriously.

Coinbase also prides itself on being one of the few exchanges that fully complies with all the regulations necessary to operate within the legal parameters established by the North American regulatory bodies.

Right Now Coinbase is expanding its business model. The Gdax Rebrand to Coinbase Pro, the listing of new tokens and cryptos, the creation of a fund for institutional investos and the refreshment of the executive board is a sign of the thrive for continuous improvement that Mr. Armstrong always aims for
Mr. Armstrom ranks 20th on the Forbes list

loading…

Posted on

Cryptocurrency Mints Britain’s Youngest Billionaire

Cryptocurrency–Things are looking good for the co-founder of BitMex.

In addition to becoming Britain’s youngest self-made billionaire, Ben Delo holds the distinction of being the United Kingdom’s first “Bitcoin billionaire.” The 34-year-old first launched cryptocurrency exchange BitMex in 2014 along with co-founder and vocal Bitcoin bull Arthur Hayes. In that time BitMex has climbed to the top of the exchange charts, becoming one of the most popular trading platforms for cryptocurrency, with a daily volume around 2 billion USD. Despite the flagging price of cryptocurrency throughout 2018, exchanges such as BitMex have reported significantly higher trade volumes over the previous year, with new user acquisitions reaching double-digit percent increases. Rival Coinbase, the popular cryptocurrency platform for Western customers, has been in the news for its recently revamped Coinbase Pro service, in addition to the launch of Coinbase Custody. However, just two weeks ago it made headlines for allegations of growth outpacing resources, to which the exchange replied that it was being inundated with new users at an unprecedented rate.

In the profile by Daily Mail, Delo cuts an uncharacteristically low-key figure in comparison to the ostentatious perception of the young and wealthy. While Delo has benefited from the exponential growth of cryptocurrency and the boom in adoption that occurred throughout this year and last, he describes the uncertain road he had to joining the ultra-rich, stating the project had consumed most of his life over the preceding four years,

“I have had my nose down in a start-up for the past four years. I was doing 18-hour days at one point.”

Since graduating from Oxford with a degree in mathematics and computer science, Delo has had stints with IBM and JP Morgan before founding the exchange. While hailed as a billionaire out of the U.K., Delo has been living in Hong Kong with his wife. The young entrepreneur cites Warren Buffett (unironically) and Bill Gates as role models in his conception of wealth, being characterized as living a relatively frugal life, as well as pursuing philanthropic efforts with his newly acquired affluence.

BitMex has been valued at 3.6 billion USD, with a reported 35 other “bitcoin billionaires” across the globe—although BitInfo reports that number could be as high as 200.

News of Delo’s ascension into the ranks of billionaire status comes on the heels of his co-founder making bold predictions for cryptocurrency this past week. Speaking with CNBC, Arthur Hayes speculated that Bitcoin would reach 50,000 USD by year’s end, despite the falling price that has accompanied the first six months of the year. Citing increased regulation and the possibility of Bitcoin ETFs, Hayes posited that the currency was in prime position for adoption by institutional and professional investors—it just suffers from the murky waters of lack of clear regulation.

“We could definitely find a bottom in the $3,000 to $5,000 range,” he said. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”

If Hayes’ prediction proves to be right, sending the market cap of Bitcoin over 850 billion USD, there could be several more crypto-minted billionaires joining the likes of Ben Delo.

loading…