Safety first! Ethereum co-founder quits crypto

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Anthony Di Iorio, one of Ethereum co-founder, plans to sell his software development firm and transition away from non-crypto ventures.

Anthony Di Iorio, one of Ethereum co-founder’s, plans to sell his software development firm and transition away to non-crypto ventures and philanthropy.

Di Iorio, a professional marketer and early Bitcoin adopter who helped kickstart the development of Ethereum in 2014, intimated his departure is partially related to safety concerns given the “risk profile” of cryptocurrency.

“I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer. I want to diversify to not being a crypto guy, but being a guy tackling complex problems.”

The 48 year old Di Iorio said

“It’s got a risk profile that I am not too enthused about,” said Di Iorio, who declined to disclose his cryptocurrency holdings or net worth.

The Ethereum blockchain become the home of many of the hottest crypto projects, particularly in decentralized finance in which it lets people borrow, lend and trade with each other without intermediaries like banks. Ether (ETH) the native token of the network, has a market value of about $US225 billion ($304 billion).

In 2018, he made a splash by buying the largest, one of the most expensive condos in Canada and paying for it partly with digital money. Di Iorio purchased the three-story penthouse for C$28 million ($30 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district.

Decentral is a Toronto-based innovation hub and software development company focused on decentralized technologies. They are the maker of Jaxx, a digital asset wallet that acquired about 1 million customers this 2021.Right now, the Canadian expects to cut ties with the startups he is involved with.

Thus, he plans to stop all project-fundings that concern blockchain such as Project Arrow. The ETH co-founder says he wants to diversify to not being a guy tackling complex problems.

Decentral, which Di Iorio founded in 2014, calls itself an “innovation hub for disruptive and decentralized technologies.” In that regard, it’s somewhat like a smaller, Canadian version of ConsenSys, the Ethereum software development company started by another Ethereum founder, Joseph Lubin.

According to other Ethereum co-founder’s

Ethereum’s most famous founder, Vitalik Buterin, was a programmer, while co-founders Gavin Wood and Charles Hoskinson who created  Polkadot and Cardano respectively, brought technical chops to the table. In contrast, Di Iorio played the part of financier. 

Anthony Di Iorio had a security team for the past four years and there was always someone traveling with him wherever he goes.

Di Iorio founded the Canada-based software development company Decentral but he’s now planning to sell it. He estimates it could be worth hundreds of millions of dollars, yet plans to sell it for cash or equity rather than crypto.

Explaining that he won’t be involved in funding any further blockchain projects,

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems.”

Di Iorio added

In a remark that could be regarded as parting shot against the digital assets sector, he described crypto as a “small percentage of what the world needs.”

Though his departure comes the same week as Dogecoin co-founder Jackson Palmer’s tweetstorm about why he’s leaving cryptocurrency, Di Iorio doesn’t come across as angry with the world he’s helped create. He’s just got other interests, too. “I will incorporate crypto when needed, but a lot of times, it’s not,” he said, referring to future projects. “It’s really a small percentage of what the world needs.”

But, like Palmer, he’s backed away from the space over time. According to Camila Russo’s book on Ethereum history, The Infinite Machine, Di Iorio stepped back from Ethereum after his co-founders opted to go non-profit in 2019, he stepped down as Decentral’s CEO to focus on other endeavors.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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