12 June 2015 | Belfast Telegraph
Money Conf – June 15-16 | 19 Ripple Labs co-founder Chris Larsen
H
e’s the boss of a tech firm helping to re-imagine the global payment network. And US businessman and Ripple Labs co-founder Chris Larsen is one of dozens of top industry experts speaking at MoneyConf on June 16. The angel investor – known for cofounding several Silicon Valley tech start-ups – is set to discuss a range of topics during his time here, including the story of the firm he helped kickstart back in 2012. It’s developed a payment network called Ripple, which can be used to transfer any currency. Essentially, it provides a simple and fast way to transfer cash around the world. Mr Larsen said that while the global financial markets are already flooded with payment systems such as Visa and PayPal, his Ripple system improves the payments infrastructure to enable systems like Visa and others “to work together for free, instant and secure exchange of any currency”. “The world’s financial system is made up of individual payment systems like that of Visa, Wells Fargo, PayPal and others. It works fine within each system, but when money has to move between systems it becomes expensive and time consuming. “Bitcoin showed that it was possible to achieve a more seamless interoperability, but the limitations of bitcoin – namely that it was slow, required a lot of energy to mine, and could only be used with bitcoin – held it back from serving that purpose. “Inspired by bitcoin but built with distinct technology, Ripple improves payments infrastructure to enable systems like Visa and others to work together for free, instant and secure exchange of any currency. “This interoperability creates the ‘internet of value’. And because Ripple is infrastructure technology that enables financial institutions to maintain their own compliance, messaging, and rule sets, it fits nicely within the existing payments ecosystem.” Speaking to us ahead of the event, he said he would be covering a number of areas in his keynote speech, including the background about his firm Ripple Labs and the ‘internet of value’. “I am keynoting and participating in a fireside chat at the event and will likely cover a range of topics, including the limitations of today’s payments infrastructure and how distributed payments technologies like Ripple offer an alternative to the current correspondent banking or intra-bank transfer infrastructure,” he said. “However, I will devote most of my keynote to discussing the ‘internet of value’ and how it will fuel innovation in payments. “Similar to the ‘internet of knowledge’, this means that value and currency can move as freely, instantly and securely as
The Ripple effect BY John MULGREW information. It will enable you to send money as easily you send email. “Momentum is building with many banks and financial institutions around the world already supporting this concept, creating a more modern and inclusive global financial system in the process.” Ripple Labs first began life as OpenCoin, when Jed McCaleb hired Chris Larsen, before approaching the creator of the digital currency ripple with their idea. Aside from his current role as chief executive of Ripple, Mr Larsen also cofounded and served as chief of Prosper, a peer to peer lending marketplace. He also co-founded mortgage lender
E-Loan. During his time there, he helped pioneer the open access to credit scores movement, making the firm the first to show consumers their financial scores. And the experienced investor, entrepreneur and investor said he’s looking forward to his first visit to these shores. “I’m very much looking forward to visiting Northern Ireland, as well as the opportunity to learn more from European fintech companies about new innovations in the payments space,” he said. Mr Larsen played a pivotal role in the passage of the strongest consumer financial privacy law in the US, and was hailed by congresswoman Jackie Speier as being “critical to the success of the bill”. Aside from his business roles, he also serves at board and advisory levels at
numerous companies and organisations including Progreso Financiero, Betable and Credit Karma. Mr Larsen is a Stanford University graduate, where he attained an MBA. He also attended San Francisco State University, where he got his bachelor’s degree. Chris Larsen has already been involved in a lot of major events over the years, appearing as a speaker or panelist, and is well regarded among many within his field. He’s also written articles on banking systems and other technical topics for publications including American Banker. And he also set up the Chris Larsen Scholarship Fund at San Francisco State University – the school which named him Alumni of the Year in 2004.