Last week, entrepreneur Matthew Mellon sadly passed away at a rehabilitation facility in Mexico, according to Time Magazine. Our thoughts go out to the family and friends of Matthew, and to all who knew him at this time.
The Mellon family, where of course behind the Mellon Financial Corporation, succeeded by The Bank of New York Mellon. Founded in 1902, the Mellon Financial Corporation where famously associated with the rise in the mass production revolution, the heart of a capitalist revolution that took the west by storm into the mid 1900’s.
Whilst his family’s wealth stemmed from traditional financial investment, Mellon turned to cryptocurrencies to build his assets. In keeping with what seems to be a Mellon family tradition, at the heart of innovation.
According to a family representative, speaking in light of Matthews death, he has turned at $2Million investment into a $1Billion investment, simply through careful cryptocurrency trading and investing. Matthew of course, was most famed for his Ripple riches, and his belief in XRP.
In February of this year, Forbes published a report which highlighted Matthews riches, in which they stated:
“Mellon got turned on to XRP, spending some $2 million to acquire coins, which he liked because it’s one of the few cryptocurrencies that are working within the banking system. “Crypto is scary and dark. It’s anti-America,” says Mellon, 54. “I am pro-America, pro-business and pro-bank. That’s why I went with Ripple.” Mellon’s XRP is worth around $1 billion. Recently divorced, he parties in a posh Los Angeles house he rents for $150,000 month. “It’s $1 billion virtually for free. I actually have earned it because I was the only person who was willing to raise his hand,” says Mellon. “My family thought I was insane, when I knew it was a home run.” ”
This of course plays great sentiment to Ripple and XRP. When one of the most prolific financial minds in recent history believes in a movement to the point he invests $2Million into it, you could argue that Matthew did of course see something coming with XRP. The turn over of his investment into a sharp $1Billion, furthers this sentiment.
We know that in death, ownership of cryptocurrency becomes quite contested. It is a new technology and thus it’s legal bindings are still not fully understood. What will happen to Matthews XRP is of course down to this family.
Once again, our thoughts go out to all who knew Matthew and the Mellon family. He was a huge part of the cryptocurrency revolution and will be sadly missed.