Chris Larsen was born in San Francisco, California.
After high school, he studied international business and accounting at university.
He graduated in 1984 and joined the MBA program at Stanford Business School five years later.
While at San Francisco State University, Larsen frequently witnessed numerous protests.
These experiences left a strong impression on him and likely influenced his future endeavors in consumer rights advocacy and philanthropy.
In 1996, Chris Larsen and James H. Grant founded E-Loan. Under Larsen's leadership, it became the first company to offer consumers free access to their FICO credit scores.
By 2005, E-Loan was sold to Banco Popular for $300 million.
After the success with E-Loan, Larsen co-founded Prosper Marketplace in 2005.
Prosper quickly grew but faced regulatory challenges, leading to changes in its business model and registration with the SEC. Larsen stepped down as CEO in 2012.
In 2012, Larsen co-founded OpenCoin, later known as Ripple Labs. The company developed the Ripple protocol and the digital currency $XRP.
Larsen served as CEO until 2014, then transitioned to executive chairman.
However, significant issues arose as well.
Ripple Labs encountered serious legal problems in December 2020 when the SEC filed a lawsuit against the company, accusing it of unregistered securities offerings through the sale of XRP.
Ripple secured an important victory in its legal battle against the SEC. In July 2023, a judge ruled that XRP is not a security.
This was a significant win for both Ripple and the entire cryptocurrency industry.
In 2018, the cryptocurrency market saw a sharp decline in prices.
XRP's value dropped by over 90% from its peak, significantly reducing Larsen's wealth, as most of his capital was tied to XRP.
At its peak, Chris Larsen's wealth soared to approximately $59 billion, placing him among the top 5 richest people globally.
However, since much of his wealth was tied to XRP, it quickly diminished. Currently, his net worth is around $3.2 billion.
In 2023, his XRP wallet was hacked, resulting in the theft of 213 million XRP.
Fortunately, the assets were quickly frozen, preventing significant losses.
Chris Larsen remains actively engaged in philanthropy.
In 2019, he donated $25 million in XRP to San Francisco State University, marking the largest cryptocurrency donation at that time.
Chris Larsen is a pivotal figure in financial technology and cryptocurrencies, showcasing the ability to overcome challenges and drive innovation.
His contributions to blockchain and financial privacy make him a prominent figure in today's tech and finance sectors.
