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Ethereum’s Billionaire Co-Founder Bullish on the Chinese Cryptocurrency Sector, Lists Qtum and VeChain

Reading Time: 2 minutes by on June 25, 2018 Altcoins, Bitcoin, Blockchain, Business, Commentary, Ethereum, News
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Cryptocurrency billionaire Anthony Di Iorio, co-founder of Ethereum and early investor in Bitcoin, is turning towards the Chinese cryptocurrency market in hopes of repeating his investment success.

VeChain and Qtum on Billionaire’s List

In an interview with Bloomberg on June 22, 2018, Di Iorio expressed his thoughts on the cryptocurrency market and specified two Chinese projects as his investments.

Di Iorio stated:

“The biggest stake for me is in Qtum and VeChain right now, the two Chinese projects. There’s much more opportunity in newer ones if you can identify them.”

The Ethereum-based Qtum is the world’s 20th largest blockchain project, according to CoinMarketCap, and aims to provide a resilient platform which combines Ethereum’s smart contract protocol with Bitcoin’s robustness. The project was founded in 2016 by Patrick Dai, and uses a proof-of-stake consensus, to rewarded node validators.

Shanghai-based VeChain focuses on financial services, supply chain management, and smart contracts. Interestingly, VET was the first cryptocurrency to create a disaster recovery plan and the first to partner with the Chinese government. With a valuation of $1.7 billion, VeChain is the world’s 17th largest cryptocurrency project.

ETH Co-Founder’s Billion Dollar Bets

After getting convinced of its utility, Di Iorio invested in Bitcoin and related businesses in 2012. The entrepreneur launched the world’s second Bitcoin ATM and started Canada’s Bitcoin Alliance where he met  Vitalik Buterin.

In 2015, Buterin launched Ethereum with other developers, and the effort was partly funded by Di Ioria. The move paid off well for the latter, whose wealth is now estimated at $1 billion. Currently, Di Ioria does not take part in Ethereum’s development, instead running a Toronto-based blockchain marketing and incubation firm Decentral.

In the interview, Di Ioria maintained his deep belief in Bitcoin, the pioneer cryptocurrency, which he purchased first for under $7 and now trades at $6,000 at the time of writing.

Di Ioria concluded:

“In general, it’s got amazing features and it’s got the ability to, because it’s scarce, great utility, you could move value quickly fast, it’s a first-mover advantage. I think it’s going to consistently do what its been doing over the last year as more people start to use it, I think it’ll go up.”

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