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Ethereum Co-Founder Anthony Di Iorio to Sell Decentral and Cut Major Ties to Cryptocurrency
Anthony Di Iorio will be severing his major ties to the cryptocurrency industry and selling his current venture Decentral to start a philanthropic foundation in the next year, the Ethereum co-founder told CoinDesk in a phone interview.
“I’m a crypto guy and I don’t want to be known as a crypto person,” he said. “I want to be known as a problem solver.”
Concerns about his personal security figured “a good 20%” into his decision, he said.
Related: Vitalik Buterin Is Involved in a New Documentary About Ethereum
Di Iorio said that the new organization would use principles that he developed as a crypto entrepreneur and even possibly blockchain technology itself to address what he described as “large problems.”
He will be funding the entity from his own holdings, which he declined to disclose, and money he earns from the sale of Decentral, which he valued at “a few hundred million dollars.” He has already spoken with potential suitors and anticipates selling Decentral for fiat currency or a stake in another business rather than crypto. In 2018 when ether‘s price was less than half its current level, Forbes said Di Iorio was worth as much as $1 billion.
Two years ago, the 46-year-old Canadian who is widely known for his work on the Ethereum network, announced that he was retiring from Decentral, the wallet and crypto services provider that he founded, and would serve as board chairman. But within months, he had returned to a daily management role, delaying a long-desired, full-time commitment to philanthropy.
While he will end his relationships with other blockchain firms in which he’s involved, he said that he was open to using blockchain technology along with other approaches in his forthcoming work. “There’s a middle ground and crypto is a tool in my tool belt,” Di Iorio said.
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He said that he has already hired a public relations firm to work with his foundation and that “we’re looking to move forward and scale,” including hiring employees.
The foundation will work across industries and on a variety of issues, although Di Iorio did not specify which ones. He has already been holding weekly “whiteboarding sessions” with a number of industry and political leaders, including Paraguayan congressman and bitcoin enthusiast Carlos Rejala.
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Aave founder hints at developing ‘Twitter on Ethereum’
Aave founder Stani Kulechov told his 90,000 Twitter followers on Saturday that his platform should build “Twitter on Ethereum'' after Jack Dorsey said he was developing a new Bitcoin (BTC)-centric financial services platform with striking similarities to Aave.
Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum — stani.eth rAAVE =(⬤_⬤)= (@StaniKulechov) July 17, 2021
Dorsey tweeted Thursday that Square Inc., his mobile payment company, was creating a new business “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD. — jack (@jack) July 15, 2021
The tweet, which has received over 34,000 likes at the time of publication, indicated that Bitcoin would be the primary focus.
In his response, Kulechov implied that Dorsey’s business idea is similar to Aave, an open-source, non-custodial DeFi protocol that enables users to borrow assets and earn interest on deposits. While it’s not entirely clear whether Kulechov’s Twitter-on-Ethereum plan is serious, he said Aave co-founder Jordan Lazaro Gustave would lead the effort.
@JordanLzG will lead this effort — stani.eth rAAVE =(⬤_⬤)= (@StaniKulechov) July 17, 2021
Aave has emerged as one of the most popular DeFi protocols on the market, with demand for its services growing even among traditional investors. As Cointelegraph reported, Aave has plans to launch a permissioned version of its platform for institutional investors as early as this month.
Related: Funds locked in Aave soar past $20 billion amid layer-two embrace
Dorsey’s plan to bring DeFi to Bitcoin follows an announcement from early June that Square is exploring the development of an open-source BTC hardware wallet. The entrepreneur has reiterated the importance of self-custody and the need to onboard new crypto users through mobile technology.