Ripple’s co-founder and executive chairman, Chris Larsen, lauded his investment in Yellow Network following the decentralized clearing platform’s announcement that it’s live on XRPL.
Larsen took to X late Friday to celebrate the partnership, writing, “Proud to be an investor in Yellow as they integrate with the XRPL EVM sidechain!”
On Monday, Yellow Network stated through its official X account it had successfully integrated with the XRPL EVM Sidechain. The next-generation decentralized clearing network for digital assets is looking to improve the scalability, transparency, and interoperability of digital markets.
XRPL’s EVM-compatible sidechain could help strengthen Yellow Network’s clearing infrastructure and improve the liquidity and traceability of tokenized real-world assets.
The DeFi platform’s proprietary layer-3 clearing network, Yellow Clearnet, provides liquidity between trading venues through decentralization, and could now branch to other networks beyond its modular Yellow SDK with the XRPL EVM integration.
Chris Larsen nursed Yellow Network to success
Yellow Network secured $10 million in seed funding in 2024, led by Larsen himself, who has been a leading voice in blockchain adoption since co-founding Ripple Labs. Other notable backers include Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital.
In a statement accompanying the announcement, Larsen said he was proud to support Yellow Network as it “tackles liquidity fragmentation in crypto trading and sets new standards for the rapidly evolving digital asset ecosystem.”
The Ripple Labs co-founder also mentioned Yellow’s technology “is essential for new players entering the space,” because it delivers “fast trade execution and capital efficiency.”
“Having Chris Larsen’s support is an incredible validation of our efforts. His contribution to Ripple and online finance transformed how the world perceives and utilizes blockchain technology. His involvement gives us the confidence to push forward and reshape how digital asset markets function,” Yellow Network CEO Louis Bellet.
In August, Yellow Network announced the completion of its YELLOW token sale on Republic, which raised over $1 million from accredited investors. The oversubscribed sale was one of the first Web3 infrastructure token offerings conducted under Regulation D, the said “new standard for compliant, institution-grade tokenization” in the United States.
Chris Larsen’s fortune rises to $15 billion
Chris Larsen is among the world’s wealthiest individuals, recently breaking into the global top-200 richest people, according to Bloomberg. Just days before Larsen’s celebratory post, investors affiliated with Fortress Investment Group and Citadel Securities injected $500 million into Ripple, valuing the company at $40 billion.
Cryptopolitan reported on Thursday that Larsen’s net worth stands at a whopping $15.3 billion, owing to his 18% stake in Ripple and 2.7 billion XRP tokens worth roughly $6.3 billion. His portfolio also includes $1.8 billion in real estate and assorted investments, all confirmed directly to Bloomberg.
Born in San Francisco and raised in Cupertino, the 64-year-old entrepreneur’s career began decades before crypto existed. After earning degrees in accounting and business administration from San Francisco State University in 1984, he worked as an auditor at Chevron before completing an MBA at Stanford University.
Ripple adds Palisade to list of acquisitions
On Monday, the same day Yellow network unveiled the XRPL EVM integration, developer Ripple announced its acquisition of Palisade, a digital wallet provider and custody firm.
The RLUSD issuer and cross-border payments platform is tapping Palaside to improve digital asset custody capabilities for crypto-native firms, fintech startups, and corporations involved in the blockchain.
“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on,” said Monica Long, Ripple’s President, in a statement. “That’s why it’s central to Ripple’s product strategy.”
Long reiterated that corporations are now “poised to drive the next massive wave of crypto adoption,” noting that “major banks have gone from observing to actively building in crypto,” adding that institutions now need “trusted, licensed partners with out-of-the-box capabilities.”
Palisade’s wallet-as-a-service (WaaS) technology supports multi-party computation (MPC) and multi-blockchain functionality, and will be integrated into Ripple Custody and Ripple Payments.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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