Ripple CTO David Schwartz’s recent disclosure has sparked widespread intrigue within the cryptocurrency community, shedding new light on his initial involvement in Ethereum and the significant profits he amassed. Schwartz revealed who raised a substantial 40,000 ETH during Ethereum’s pre-ICO phase, a move fueled by his relationship with Ethereum founder Vitalik Buterin.
Ripple CTO David Schwartz’s recent disclosure has sparked widespread intrigue within the cryptocurrency community, shedding new light on his initial involvement in Ethereum and the significant profits he amassed. Schwartz revealed who raised a substantial 40,000 ETH during Ethereum’s pre-ICO phase, a move fueled by his relationship with Ethereum founder Vitalik Buterin.
Schwartz’s entry into Ethereum predates its public pre-ICO, and Buterin extended a personal invitation to him to participate. Motivated by the desire to support Buterin, Schwartz invested 20 BTC without much deliberation, resulting in the acquisition of significant ETH holdings.
The other part of this story was already known before. Many times before, Ripple’s CTO has said that he sold this colossal amount of altcoins as soon as the price hit $1 and used it to buy solar panels for his home. While this move may raise eyebrows, Schwartz downplayed concerns, attributing it to a common experience among early adopters of cryptocurrencies, citing missed opportunities like the meteoric rise of Bitcoin.
The intertwined stories of Ripple and Ethereum add complexity to the narrative. Buterin’s tenure at the company, cut short due to visa complications, underscores the connections between the two projects. However, tensions have arisen in recent years, exacerbated by Ripple’s legal battle with the SEC. Buterin’s criticism of Ripple’s actions and his potential implications for Ethereum’s regulatory situation have further strained relations.
As of now, the astronomical rise in the value of Ethereum, currently hovering around $3,000 per ETH, puts Schwartz’s initial investment at a staggering valuation of $120 million. Even the initial 20 BTC used to purchase ETH is now valued at $1.3 million.
