Vitalik Buterin, co-founder of Ethereum, is the youngest crypto billionaire in the world

Vitalik Buterin, who launched the Ethereum blockchain in 2015, became the world’s youngest crypto billionaire at the age of 27. On Monday morning, Ethereum’s cryptocurrency, Ether, crossed $ 3,000 for the first time, marking a 325% increase from the beginning of the year. 

Vitalik Buterin’s ether address  , which revealed in October 2018 that it was his main ether portfolio, currently holds 333,520 ETH , which is approximately $ 1.09 billion based on the $ 3.2,000 price recorded at 1.30pm. (US hours) on Mondays.

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The cryptocurrency ether has a market capitalization of $ 376 billion;  therefore second only to that of bitcoin which instead amounts to just over one trillion dollars. Ether’s value has risen considerably since the start of the year, largely thanks to the growing popularity of decentralized finance (DeFi) applications that aim to replace traditional financial intermediaries such as banks and insurance companies. According to data aggregator DeFi Pulse , over $ 72 billion is now stored with DeFi protocols, much of it right on the Ethereum blockchain.

However, Ethereum faces stiff competition from Binance Smart Chain (BSC), the blockchain infrastructure developed by the world’s largest cryptocurrency exchange which, based on data as of late April, processes an average of over 8 million transactions on a daily since the end of April (Ethereum closed over 1 million). Other notable blockchains include Algorand, Cardano, Polkadot, and Solana.

READ ALSO: “What are the 50 companies driving the blockchain revolution”

As reported , Vitalik Buterin was born in 1994 in the city of Kolomna , near Moscow. He later moved to Canada with his family and grew up in Toronto. In 2012, at the age of 18, and thus before launching Ethereum, he co- founded (and wrote for) Bitcoin Magazine with Mihai Alisie, who later joined Vitalik Buterin to found Ethereum. In 2014, Buterin was awarded the prestigious Thiel Scholarship, which provides $ 100,000 to young people under the age of 23 to pursue interests outside of academia (instead of going to college or university). The scholarship is funded by billionaire  Peter Thiel, an early investor in Facebook and a graduate of Stanford University. A year later, the Russian-Canadian entrepreneur and the rest of the development team launched  Frontier , what they called “the implementation of the backbone of the Ethereum project”.

Last week, Buterin donated approximately $ 600,000 in ether and maker (MKR) tokens to a Covid-19 aid fund for India. Buterin could not be reached for comment.

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