Blockchain-Based Ripple CEO Chris Larsen Steps Down

Blockchain-based Ripple has been rigorously moving its technology forward. Now, the U.S.-based gross settlement system has announced CEO Chris Larsen is stepping down. Larsen will be replaced by former AOL and Yahoo executive on January 1, 2017.

Also read: New Santander App Combines Ripple & ApplePay

Ripple Will Have a New CEO Next Year

San Francisco-based Ripple has appointed Brad Garlinghouse to be the firm’s chief executive starting next year.

Garlinghouse said he looks forward to helping lead the company into the future. The newly appointed CEO has a background as the founder of Hightail, which produces a software that allows users to send, receive, digitally sign and synchronize files. Additionally, he was president of applications and commerce at AOL and a senior vice president at Yahoo.

“We’re going to stay on course at Ripple,” Garlinghouse told Reuters. “This the appropriate time to do this because we have a lot of tailwind and momentum on our side. We’re not expecting any sharp turns one way or the other.”

Ripple’s Continuous Course With Blockchain-Based Cross-Border Payments

Ripple has persevered, and has been working with financial institutions to fine-tune its blockchain platform. In May, the company partnered with Santander to test the platform for international transfers. UK Santander employees experimented with Ripple services by sending transactions of £10 and £10,000.

In July, the Canadian bank ATB Financial used Ripple to send an international inter-bank blockchain payment to Germany’s ReiseBank.

Following these experiments, the firm raised US$55 million in funding from many traditional finance institutions. Alongside the funding round, Ripple also created its six-bank Global Payments Steering Group (GPSG). After receiving the $55 million, Larsen told press Ripple may “never have to raise money again.” Now Larsen will remain as Ripple’s executive chairman and plans to spend more time with family.

“I have been in fintech for 20 years, and I am kind of looking forward to not having the day-to-day responsibility the CEO takes,” Larsen told reporters. “I am trying to get the right balance between Ripple and spending time with my two young boys. But I couldn’t be happier for Brad, about where we are and how Brad has gotten us here, and what he would be able to do for us going forward.”

Ripple Network Pushes Forward

Ripple and its native currency, XRP, have slowly risen in value over the past three months. XRP’s market capitalization is the third highest token on the market under Ethereum, with over a $289 million valuation. If banks continue to adopt the inter-payment network XRP’s utility value will likely continue to solidify.

New CEO Garlinghouse will continue to focus Ripple’s attention on inter-payments and forming its global steering group. Group members include Bank of America Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada. Garlinghouse says he’s excited to work alongside Larsen and the rest of the Ripple developers.  

“I could not have asked for a more talented, driven and creative group of people here at Ripple to work with side by side every day. I continue to be impressed by what this team has accomplished and look forward to taking Ripple to the next phase of growth,” said Garlinghouse.

What do you think about Ripple appointing a new CEO next year? Let us know in the comments below.

Images via Ripple websites, Pixabay, and Linkedin.

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