The co-founder of one of the original rivals to Bitcoin has shockingly abandoned the cryptocurrency market, sending prices to plummet.
Canadian entrepreneur, Anthony Di Iorio, co-founder of the Ethereum network, revealed at the end of last week that he was quitting crypto and planned to sell his Toronto-based blockchain company, Decentral.
The 48-year-old plans to retire from being involved in the cryptocurrency world moving forward.
The declaration sends prices of Ethereum crashing into figures.
According to CoinDesk, the digital coin has dropped 7.13 percent in the last 24 hours.
Ethereum is the second biggest cryptocurrency after Bitcoin, with a market capitalization of US $275 billion (NZ $398.3b).
Di Iorio was there at the launch of Ethereum in 2013, and financed the whole project. Unfortunately, one reason has made him turn his back on crypto currency forever. Due to personal safety concerns, since his involvement in 2017, Di Iorio has had a stable security team with him wherever he goes.
The entrepreneur had a net worth of US $1 billion in 2018, according to Forbes.
Ethereum’s price has more than doubled since then.
Di Iorio co-founded Ethereum in 2013 with seven others while they shared a rented house in Switzerland.
Among them, Vitalik Buterin, who invented the coin when he was barely out of his teens, is the only one still working on the project.
Di Iorio’s interest in decentralized deals played a role in the formation of Ethereum.
Decentralized finance allows people to borrow, lend, and trade with each other without any intrusion from a third party, such as a bank.
Now that Iorio has quit, he plans to divert his mind to more humanitarian ventures. This includes a project he is working on how to create and introduce a zero-emissions vehicle.
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