Business

Ethereum Co-Founder says safety concern has him quitting crypto

Anthony Di Iorio, Co-Founder of the Ethereum Network, says he’s done with the crypto world, partly out of concerns about personal safety.

Di Iorio, 48, has had a security team since 2017, with someone accompanying or meeting him wherever he goes. In the coming weeks, he plans to sell Decentral Inc. and refocus on philanthropy and other non-crypto related business ventures. The Canadian hopes to cut ties in time with other startups he is involved with and has no plans to fund any more blockchain projects.

“It has a risk profile that I’m not too fond of,” said Di Iorio. “I don’t feel necessarily safe in this space. If I focus on the bigger issues, I think I’ll be safer.”

Background

Back in 2013, Di Iorio co-founded Ethereum, which became the home of many of the hottest crypto projects, especially in the area of ​​decentralized finance – allowing anyone to borrow, lend and trade with each other without intermediaries such as banks. Ether, the network’s native token, has a market value of around $225 billion.

He made headlines in 2018 when he bought the largest and most expensive apartment in Canada, paying in part with digital currency. Di Iorio purchased a three-story penthouse for C$28 million (US$22 million) in St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district.

In recent years, Di Iorio has jumped into venture capital and startup consulting. He also served as chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth at $1 billion. The price of Ether has more than doubled since then.

Decentral is a Toronto-based innovation hub and software development company focused on decentralized technologies and the maker of Jaxx, a digital asset wallet that has attracted around 1 million visitors. goods this year.

Di Iorio said he has spoken to a number of potential investors and believes the startup will be valued “in the hundreds of millions”. He hopes to sell the company for fiat or equity in another company – not crypto.

“I wanted to diversify to not be a crypto guy, but a problem solver,” Di Iorio said. He’s on Project Arrow, run by a high school friend who’s building a zero-emissions car. He is also consulting with a senator from Paraguay.

“I would incorporate crypto when necessary, but a lot of times, it’s not,” he said. “That’s really a small percentage of what the world needs.”

https://www.thehindubusinessline.com/money-and-banking/ethereum-co-founder-says-safety-concern-has-him-quitting-crypto/article35377347.ece

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