by Rushali 
The year 2020 and the pandemic have done a lot of damage to the whole world. Almost every sector of the world is badly affected by this worldwide lockdown. One of the sectors that are major affected is the financial sector of the world. It made people realize that what we have thought about our fiat currency is not that safe how much we believed. Constantly rising inflation automatically decreases the purchasing power of the normal currency.
On top of that almost every country is facing the problem of economic recession. With all these problems in the background, it was very obvious that the demand for digital currency has been on rising. The digital currency has proved to be more reliable, available at low cost, and well-structured. And the world has believed that all these features are present in only one technology that is blockchain. Technology is the result of so many years of research, strategizing, thinking, etc.
Then scientists have done more research and with further innovation came cryptocurrencies. In the year 2009, the world has seen the first cryptocurrency bitcoin. After that, there is no stopping the world of cryptocurrency keep on innovating and we have around 4000 different cryptocurrencies today. With this article, we will try to learn more about one of the men behind the most famous cryptocurrency Ripple XRP, Brad Garlinghouse.
Introduction
Brad Garlinghouse is the CEO of the financial technology company Ripple labs. Before that, he was the CEO and chairman of Hightail that is formerly known as YouSendIt. Before Hightail, he also worked at AOL and Yahoo!
Brad was born on February 6, 1971, in Topeka, Kansas. He has a degree of BA in economics from the University of Kansas and also an MBA from Harvard Business School.
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Career
Brad Garlinghouse had previously worked at Home Network and at Ventures as a GP before he has joined Dialpad as CEO from the year 2000 to 2001. From the year 2003 to 2008, he has served as the Senior Vice President at Yahoo! where he has run its Homepage, Flickr, Yahoo! Mail, and Yahoo! Messenger divisions. When he was working at Yahoo! he has penned an internal memo known as the Peanut Butter Manifesto, calling for the company to focus on its core business, rather than spreading itself too thin.
After Yahoo!, Brad moved to Silver Lake Partners as a Senior Advisor, and then he joined as a President of Consumer Applications at AOL in the year 2009 and left the job in the year 2011. After that, he joined Hightail and served as its CEO until September 2014, he left the company after a disagreement with the board regarding company direction.
Brad Garlinghouse has joined Ripple as COO in April 2015, reporting to the CEO and co-founder Chris Larsen. Then he was promoted to the post of CEO in December 2016.
In December 2019, he announced that the company Ripple had raised a $200M series C funding round from Tetragon, SBI Ventures, and Route 66 Ventures. 2020 Garlinghouse has also admitted that Ripple Labs would be losing money if it did not have the revenue generated from the sales of the XRP cryptocurrency.
In the years 2018 and 2019 Garlinghouse claimed on multiple occasions that the published error rate for SWIFT messaging was at least 6%. This was shown to be untrue by research published by the London School of Economics Business Review the review showed his claims were based on a misreading of a paper published by SWIFT that did not refer to error rates in messaging.
Brad Garlinghouse has been also been named in a group of class actions, notably Zakinov v. Ripple Labs Inc. running since 2018 that claim Garlinghouse and his employers, Ripple Labs Inc. have been in breach of various California and Federal securities laws. He was also a party to Bitcoin Manipulation Abatement LLC v. Ripple Labs Inc., which was administratively closed with reference to a case that is previously mentioned.
On the 23rd of December 2020, the SEC has issued a complaint alleging that Garlinghouse, Ripple Labs, and Ripple Chairman Chris Larsen had committed multiple breaches of securities laws.
Brad Garlinghouse Net worth
Ripple XRP has faced a price issue due to this case but apart from that, it has a great future ahead. Its technologies make it one of the prominent cryptocurrencies. Reportedly, Brad Garlinghouse holds around a 6.3% stake in Ripple labs, and if we calculate that in today’s price then his net worth becomes around $10 million. With that, he features in the top 50 wealthiest people of America.
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