Ethereum Price Crosses $1000 For The First Time To Create New Record

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Bitcoin, which is the world's most popular cryptocurrency, and the one most likely to be accepted by merchants, is often credited with leading this charge.

Three of the top five money transfer companies worldwide will be implementing Ripple's XRP token in their payment flow systems this year, the company said in a tweet Thursday.

Larsen, on the other hand, believes that if Ripple can be given such a huge value, then so can Bitcoin.

Chris Larsen, the co-founder and executive chairman of the blockchain company Ripple, saw his net worth soar to $59.9 billion (on paper) on Thursday, according to a report from CNBC.

Chris Larsen and Brad Garlinghouse may have seen the greatest benefits from their Ripple holdings, but they are not the only ones who have profited significantly from XRP's stellar gains.

Additional speculation suggests that Coinsquare, which is the largest cryptocurrency exchange in Canada, might beat Coinbase to the punch in adding Ripple to its trading platform.

'Any statement to the contrary is untrue and not authorized by the company'.

The value of a single Ripple coin promptly fell from $US3.80 to $US3.19 ($4.85 to $4.07). Also, according to a recent tweet by blockchain expert George Kikvadze, Mr. Larsen holds a 37.0 percent stake in Ripple, which is a $320 billion firm.

The contempt of the financial establishment - people like JP Morgan boss Jamie Dimon - towards Bitcoin only increases its standing among devotees.

In June 2016, Ripple announced that seven global banking giants, including Canadian Imperial Bank of Commerce, UBS, Unicredit, and Banco Santander (NYSE:SAN), were testing out the company's distributed digital ledger in some pilot or small-scale capacity. "This is still the earliest innings of the creation of what I think is really going to be a new asset category", he said.

Ripple is trying to solve this problem via its technology.

While banks themselves could build their own blockchain-based currencies for this objective, he said it made more sense for them to allow a third party to provide the service. Familiar tech names like Seagate and Google Ventures have worked with Ripple as investors.

Annual remittances to developing countries amounts to hundreds of billions of dollars a year.

Ripple, the world's second-largest cryptocurrency by value, hit a record high on Wednesday as its strong rally continues.

WARNING: Nothing in this article should be treated as financial advice.

Forget the lottery and its 1-in-300 million chances of winning the jackpot when you have cryptocurrencies.