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Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives
The Co-founder of the second-largest cryptocurrency in the industry, Ethereum, is set to cut ties permanently with crypto.
According to the latest news, Anthony Di Lorio plans to sell his newest venture, “Decentral,” and face philanthropic initiatives by 2022. According to what Di Lorio revealed, his plans stem partly from fears about his security.
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The Ethereum co-founder revealed these plans to our source through an interview that they had over the phone.
During the session, he stated that he doesn’t want to be remembered as a cryptocurrency person but as a “problem solver” However, he also pointed out that the worries about his security contributed at least 20% to his decision to quit the industry.
But to achieve the problem-solving legacy, the Di Lorio is set to start a foundation in 2022.
A Foundation with Cryptocurrency Principles
According to Di Lorio, his upcoming foundation would operate on the principles he had earlier developed in the crypto industry. He also mentioned that he might adopt blockchain technology into his operations to solve larger problems.
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The Ethereum co-founder also revealed that the funding for the foundation would come from his holdings. However, he refused to disclose the amount of money he will get from selling Decentral.
Instead, he only mentioned that his latest venture is valued at a “few hundred million dollars” Concerning the sale of Decentral, Di Lorio disclosed that he has discussed with suitors and might sell the venture for fiat or use it to join another business outside cryptocurrency sector.
As for the worth of Di Lorio himself, Forbes had placed him at $1 billion back in 2018. This was even when ETH has not risen to what it is currently. Let’s recall that Di Lorio announced his retirement from Decentral in 2019 to serve instead as its board chairman.
The Ethereum co-founder established the firm to provide wallet & crypto services. But after few months of making the announcement, Di Lorie came back to managing the firm full-time and delaying the plans to move towards philanthropy.
Will Di Lorio Cut All Ties With cryptocurrency Sector?
Di Lorio may be selling his firm Decentral and leaving cryptocurrency space, but he’s not planning to leave his principles behind.
He is not a blockchain-averse entrepreneur meaning that he might still adapt it to support his upcoming plans. Di Lorio told our source that crypto is one of the tools he has in his belt in his statements.
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He further revealed that a public relations company is already part of his team for the foundation.
Also, they’re planning to hire more employees and also scale up their operations. According to him, the new foundation will work to resolve any issues and across industries.
After the news of Anthony Di Lorio parting ways from the Crypto space, the price of ETH has fallen Below $1,800 | Source: ETHUSD on TradingView.com
Featured image from Pixabay, chart from TradingView.com
Mark Cuban: We’re In “The Great Unwind”
In a tweet reply over the weekend, billionaire businessman and crypto advocate Mark Cuban described the current price action as part of the “great unwind”. The comment was in response to Larry Cermak, Director of Research at The Block, and emphasized the implications of over-leveraged traders leading to ‘unwinding’.
In a response to Newsweek about the tweet specifically, Cuban elaborated, “if there is one thing crypto enthusiasts lose track of, it’s that at its base, there are a lot of participants from token holders to validators, miners and others all get rewards”.
Cuban And Crypto
Mark Cuban is no stranger to crypto. The Dallas Mavericks owner, ‘Shark Tank’ regular, and serial entrepreneur has been outspoken about smart contracts, NFT projects, and more.
In a detailed email exchange published by Wall Street Journal columnist Andy Kessler, Cuban describes present-day NFTs as “proof of concepts” for what’s to come. Cuban pressed further when asked about smart contracts’ use case in things like mortgages, “smart contracts on blockchains, particularly Ethereum, is an enormous game changer that every company will use”.
Mark Cuban, of course, has put his money where his mouth is too, as an early investor in crypto tools like OpenSea, CryptoSlam.io, and others; additionally, he’s doubled down recently on allowing his Dallas Mavericks to accept bitcoin, ethereum, and dogecoin for ticket sales in light of Elon Musk’s comments surrounding Tesla and bitcoin.
According to Mark, it’s all “no different than the internet of 1995 where people weren’t quite sure but eventually they saw the network effect and value. Smart contracts are going to eat a lot of the software-as-a-service world.”
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Volatility Just Beginning?
Cuban insists that the best projects will persevere. Nonetheless, it’s likely that the rollercoaster ride of ups and downs will continue.
The crypto ‘fear and greed index‘ recently hit a resounding level 12, a level rarely seen. In March of 2020, the index scored around 10, and in April 2018, a record level 16 was hit. The index currently sits at 10 (“extreme fear”) at time of writing.
Volatility is nothing new, but been exacerbated recently| Source: CRYPTOCAP on TradingView.com
Mark Cuban’s Love For Ethereum
Cuban undoubtedly understands that bitcoin is the most established store of value in the crypto space currently, but the projects being built on ethereum seem to be one of the most exciting major players in the crypto space – emphasized by his public statements and by his private investments.
Cuban has said the impact of Ethereum 2.0 “could be greater than we currently imagine” and has invested in ethereum-based projects, such as Polygon.
Despite the rocky ride, Cuban seems to have his eyes laser-focused on the long-run.
Related Reading | This Is Why Mark Cuban thinks Ethereum Is A “True Currency”
Featured image from Pixabay, Charts from TradingView.com
