Homepage / Technology / Why the CEO behind one of the largest cryptocurrencies left AOL and Yahoo for blockchain
Overstock.com shares spike after blockchain unit announces for-profit property registry Dow stock Boeing is on track for best year in nearly 4 decades, but the charts point to trouble Another bitcoin rival leaps to a record high, surpassing litecoin's market value Martin Sorrell: Finalized Disney-Fox deal would be a top media investment for us What to expect in Yellen's swan song: 'She's not a showboater' Target to buy grocery delivery service Shipt for $550 million When politicians and executives get caught out Some of Facebook’s early friends now its sharpest critics US says hacker to plead guilty for role in 2016 cyber attacks Laser chip maker Finisar jumps 25% on news that Apple's investing $390 million in the company The Amazon Echo now lets you play Spotify across all of your Echos Citi has 5 reasons — including tax reform and global growth — why Apple can keep crushing market Facebook will start streaming WWE professional wrestling next month Deregulation, global stock rally to 'propel' Morgan Stanley higher in 2018: KBW analyst A new law bans Kaspersky software from use in the US government Bitcoin 'dwarfs' nearly all bubbles, including 1929 crash: Investor Ken Fisher How 2017 became a turning point for tech giants The biggest risk you face when choosing between a human and a robo-advisor Disney deal with Fox would be a ‘home run’ in its battle against Netflix, Amazon, analyst Ives says Stocks making the biggest moves premarket: HON, LLY, AMGN, TM, HD & more Apple's 'innovation complacency' could see it lag Google, Amazon in post-smartphone world, study says Cryptocurrency market now worth $500 billion, more than Warren Buffett's Berkshire Hathaway Tesla stock is up 12 percent in a week — but it could be time to pump the brakes Why Donald Trump's Jerusalem move might have made Russia a lot stronger Weekly mortgage applications fall 2.3% as rates rise Apple invests $390 million into Finisar, which makes laser chips for iPhone X and AirPods Leuthold's Doug Ramsey reveals top sector picks, bullish market predictions Tillerson says the US is ready to begin direct talks with North Korea German stock exchange operator Deutsche Boerse experiences trading disruption Russian court freezes $1.7 billion of Sistema assets at request of Rosneft A top Facebook exec is jumping on the bitcoin bandwagon ECB set to lift its growth outlook as massive bond-buying slowly winds down Swedish fintech start-up iZettle raises $47 million; CEO says 'time will tell' for IPO plans Google's top searches in 2017: Hurricanes, Matt Lauer and Tom Petty Google is blocked in China, but that's not stopping it from opening an AI center there UAE oil giant must build regional 'credibility' ahead of Saudi Aramco IPO next year European markets set to tread water ahead of Fed's decision Founder of a would-be tech powerhouse is blacklisted by China for allegedly disobeying court order Japanese start-up ispace just secured funds for first two lunar missions starting in 2019 China's GDP growth set to plunge to near 30-year low in 2018, ADB warns FBI agents called Trump an 'idiot' during presidential race South Korea may tax capital gains from cryptocurrency trading Japanese e-commerce firm to launch program for tech startups in Singapore I was wrong about bitcoin. Here's why Free money from China comes with strings — as one country's learning the hard way This power couple bought bitcoin in 2013, donated gains to cancer hospital Cramer Remix: What being young and broke taught me about the stock market Companies must have 'a culture of security' to prevent cyberattacks, McAfee CEO says Cramer's charts predict full speed ahead for industrial stocks like Caterpillar, Honeywell Asia markets take cues from a mixed US trading day ahead of Fed decision Cramer finds value-creating, investment-worthy CEOs across industries Novogratz says he would sell litecoin after its surge, sees bitcoin hitting $40k within a few months Here's why bitcoin prices are different on each exchange This start-up is making remote-controlled robots that can do surgery in space Apple’s up 43,000 percent since its IPO, and could soon surpass $1 trillion in market cap MongoDB falls despite earnings beat Why investors should beware stocks getting the bitcoin boost Billionaire investor Druckenmiller: ‘I love Amazon' more than Apple Facebook's accounting shift shows it expects a higher European tax bill next year Coinbase suspends ethereum buys and sells twice in one day Tesla shares pop after PepsiCo orders biggest fleet of Semi trucks so far San Francisco's mayor oversaw tax break that helped spark a new tech boom in the city Net neutrality protests have moved online, but big tech is keeping quiet My kids get 'no screen time whatsoever,' says Silicon Valley investor Chamath Palihapitiya I owned bitcoin for a weekend and here's what I learned NYU's Scott Galloway on bitcoin: It shows young people 'have no faith in our institutions' Some Ryanair pilots in Ireland to strike, German union steps up pressure Companies are already paying a tax rate as low as 13%, economist Yardeni estimates Facebook slams former exec Palihapitiya, saying it 'was a very different company back then' 80% of Wall Street economists, strategists believe bitcoin is a bubble: Survey Facebook to book advertising revenue locally amid political pressure Strategist Tom Lee: Young people will drive bitcoin gains just as boomers boosted stocks in the '80s This founder started in his parents' garage—now his company does over $100 million a year Activision shares to get a boost from Overwatch, Diablo sequels, Goldman says Bank of England to meet amid UK inflation surge: What to look out for Verizon will launch over-the-top service before year-end with NFL as key piece, analyst predicts Chamath Palihapitiya: Apple is 'no different than Louis Vuitton or any other luxury good' Passport's flagship fund to close after 'unacceptable' returns Apple's powerful new computer launches December 14 Despite a deluge of criticism, Mark Zuckerberg had a bountiful year Chamath Palihapitiya says Elon Musk is the 'most important entrepreneur of our generation' Senior Australian politician resigns over China ties scandal Forget bitcoin, one of its biggest cryptocurrency rivals is up nearly 5,800 percent this year Bitcoin futures fall on second day of trading on very low volume as interest wanes Bitcoin millionaire: Don't buy bitcoin Stocks making the biggest moves premarket: PEP, MAT, VZ, MYL & more Tech high flyers could soar 10% or more next year, investor Paul Meeks says Goldman Sachs predicts bumper returns for commodities next year Amazon is not a monopoly but there's no question why it's so dominant, tech investor Palihapitiya says Starbucks customer laptops hacked to mine cryptocurrency Fed Survey: Tax cuts and rate hikes on the way Social Capital's Palihapitiya says bitcoin is going to $1 million in the next 20 years Bitcoin bulls looking to diversify can now put money in a crypto-index fund Ex-Facebook executive Chamath Palihapitiya: Social media is creating a society that confuses 'truth and popularity' More American jobs? Broadcom deal might mean the opposite The bull case for gold as bitcoin captivates America One person reported dead after Austrian gas hub explosion Bitcoin bubble could lead to 'destructive' consequences, UBS says While you were watching bitcoin, the world’s second-largest cryptocurrency hit a big milestone French retail giant to buy mall operator Westfield in the biggest takeover of an Australian company ever


Why the CEO behind one of the largest cryptocurrencies left AOL and Yahoo for blockchain

It’s hard to avoid cryptocurrency talk these days. Yet just a few years ago, blockchain was a little-known technology.

So for Brad Garlinghouse, CEO of Ripple, leaving behind a career at the likes of AOL and Yahoo was a risky proposition.

“For me, joining this industry was a belief that there is something, a movement, a fundamental change happening,” Garlinghouse told CNBC at the Singapore FinTech Festival on Wednesday.

Financial technology start-up Ripple is the owner of XRP, currently the fourth-largest cryptocurrency by market capitalization — behind the likes of Ethereum and Bitcoin — according to data from CoinMarketCap.

The California-based start-up was founded in 2012 and allows financial institutions to process their customers’ payments from any place in the world “instantly” and “reliably,” using blockchain.

Prior to working in the blockchain space, Garlinghouse held senior positions in other businesses, including as AOL’s president of consumer applications; he worked at Yahoo for six years. Garlinghouse started at Ripple as chief operating officer in 2015, before going on to become its CEO.

“I think there’s a lot of interesting stuff going on in Silicon Valley. As I was looking around, to me, what was happening in the blockchain and crypto world was a movement,” he said, describing how he wanted to work for a company that stood out from other typical industries.

“What’s happening in crypto, and certainly what’s happening at Ripple — we have an opportunity to fundamentally change the way global commerce is managed, from a payments point of view.

“If we’re successful, then that’s transformative. It allows us to put our own little dent in the universe.”

In October, the company announced that more than 100 financial institutions had joined RippleNet, an enterprise blockchain network owned by Ripple. Members who have joined the company’s global network include the likes of Credit Agricole, BBVA, UniCredit, Standard Chartered, UBS and the National Bank of Abu Dhabi.

Garlinghouse said: “So far, we’ve been extremely fortunate, we’ve got over 100 customers. I think given the network effects associated with that, we feel like we’ve really hit a tipping point where the value of participating keeps growing by the number of nodes on the network — it’s an exponential increase in value.”

Having worked for the likes of Yahoo, AOL and file collaboration service Hightail, Garlinghouse has made himself known in the technology sphere, before settling in at Ripple.

When asked on an episode of CNBC’s “Life Hacks Live” what his deciding factors would be when considering between a new opportunity or staying put, Garlinghouse saw three areas as key.

1. Who’s involved

“One of the first things I always think about is the people involved. A group of smart, motivated, ambitious people that you want to work with,” said Garlinghouse.

“Some of the people at Ripple, I think are truly the smartest people I’ve ever worked with in my career, which makes it a lot of fun to go to work every day.”

2. The market’s size

“The size of the market I think is very important. I think there’s sometimes people are solving interesting problems but there’s a very small market — which is less exciting to me.”

3. Defensibility and competitive differentiation

“The third one I would highlight is: Is there a ‘defensibility’? Is there a competitive differentiation that’s building a competitive moat? Such that as other competitors enter the market, you have some ability to protect your position in the market — and I think again for Ripple, all of those things exist.”

Life Hacks Live is a series produced by CNBC International for Facebook, where tomorrow’s leaders get to ask some of the world’s biggest influencers for advice. You can watch the full interview here.

Source: Tech CNBC
Why the CEO behind one of the largest cryptocurrencies left AOL and Yahoo for blockchain

Comments are closed.