The World's Youngest Crypto Billionaire Is Ethereum's 27-Year-Old Co-Founder
At the age of 27, Vitalik Buterin, the co-founder of the Ethereum blockchain, has become the world's youngest crypto billionaire. Early Monday morning, Ethereum's cryptocurrency, ether, surpassed $3,000 for the first time, marking a 325 percent increase since the start of the year.At 1:30 p.m. ET on Monday, Buterin's ether address, which he revealed in October 2018 as his main ether wallet, held 333,520 ETH, worth $1.09 billion at the ether price of $3,278.
The ether cryptocurrency has a market capitalization of $376 billion, second only to bitcoin, which has a market capitalization of $1.08 trillion. The increased popularity of decentralised finance (DeFi) applications that aim to replace traditional financial intermediaries like banks and insurance companies has boosted Ether's value since the beginning of the year. Over $72 billion is now locked in DeFi protocols, many of which are built on top of the Ethereum blockchain, according to data aggregator DeFi Pulse.
However, since late April, Ethereum has been up against Binance Smart Chain (BSC), the blockchain infrastructure developed by the world's largest cryptocurrency exchange, which has been processing an average of more than 8 million transactions per day (Ethereum is just over 1 million). Algorand, Cardano, Polkadot, and Solana are some of the more well-known blockchains.
Buterin is said to have been born in the town of Kolomna, just outside of Moscow, in the year 1994. Later, he and his family relocated to Toronto, where he was raised. Buterin cofounded (and wrote for) Bitcoin Magazine with Mihai Alisie, who later joined Buterin in developing Ethereum, when he was 18 years old in 2012. Buterin here received the coveted Thiel Fellowship in 2014, which awards $100,000 to young persons under the age of 23 who want to explore interests outside of academics (instead of going to college or university). The scholarship is supported by billionaire Peter Thiel, a Stanford University graduate and early investor in Facebook.
Frontier, the “barebone implementation of the Ethereum project,” was launched a year later by the Russian-Canadian entrepreneur and the rest of the development team.
Buterin donated over $600,000 in ether and maker (MKR) tokens to a COVID-19 relief fund for India last week.
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