Banking heir and cryptocurrency bigwig billionaire, Matthew Mellon, passed away on April 16th, in Mexico. The cryptocurrency landscape will never be the same again with his passing. When the industry was just starting and investors were hard to get, he invested $2 million in cryptocurrencies. That investment move encouraged other investors to follow suit, and brought him $1 billion in profits.
My family office continues to work with his family and bank. We deeply mourn his demise, and feel the impact in a big way. As we reflect the role that Mellon played in the cryptocurrency space, colleagues in the industry identify various contributions that he made to the industry. Here are 3 reasons why he will forever be an icon in the cryptocurrency market:
The confidence with which Matthew Mellon approached the cryptocurrency industry paved the way for adoption and possible mainstreaming across different sectors. According to Hisyam Mokhtar, chairman and interim CEO of Hada DBank, Mellon’s investments in Bitcoin and Ripple were some of the major driving forces that pushed cryptocurrency into mainstream finance.
He says, “We received the news of Matthew Mellon’s passing with deep sadness. He was instrumental in bringing cryptocurrency to the mainstream with his own investment in cryptocurrencies such as Bitcoin in the early days to XRP, where he made almost a billion dollar profit from just USD2 million investment, in the later days.”
No investor moves to put a significant amount of money in a venture he does not believe in. At a time when the cryptomarket was still new and many investors were cautious about investing in cryptocurrencies, Mellon took a risk and invested $2 million. This was a clear demonstration of the potential he saw in cryptos and the confidence he had in the growth of the industry.
“Matthew had utmost level of confidence to the cryptocurrency industry. His investments into such cryptocurrencies as Bitcoin and Ripple brought confidence to the industry at large that even billionaire banking heirs were investing into cryptocurrencies,” notes Juan Imaz, founder and CEO of Profede.
Mellon will certainly be remembered as one of the large investors to enter the cryptocurrency market. His $2 million investment in cryptocurrencies earned him a $1 billion fortune, a clear demonstration of his entrepreneurial ability.
Reinhard Berger, CEO at Pecunio Blockchain Technologies FZE says, “Matt was a true entrepreneur – bold, non-conventional and very open to big ideas and seeing the road how to get there. He understood and acted on the inextricable links between traditional finance and the digital world. One can but marvel at his foresight and the scope of his success. He was a true cryptocurrency pioneer. Our condolences go to his family.”
Matt Mellon will be missed by the cryptocurrency community, and his contributions will always be a reminder of the role he played in making the cryptocurrency industry a vibrant space for all players.
Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.