CALIFORNIA, U.S. - For the first time ever, Forbes has compiled a Crypto Rich List, which ranked the world’s 20 wealthiest people in cryptocurrency.
The magazine revealed that the billion-dollar fortunes of these billionaires have been created almost overnight.
It noted in its report that currently, there are nearly 1,500 crypto-assets in existence, valued at an aggregate of $550 billion.
This, it pointed was 31 times more than the beginning of 2017.
Forbes added in its report that while the prices of individual cryptocoins continue to prove volatile, blockchain-based currency is "here to stay.”
Randall Lane, chief content officer, Forbes Media said in the report, “Our first-ever Crypto Rich list provides a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as an unknown currency.”
According to Forbes, a minimum of $350 million was needed to make the cut and feature on Forbes' list.
The magazine further added that given the opacity and crypto's hyper volatility, it had presented the net worth estimates in rages.
The numbers, it said, are based on estimated holdings of cryptocurrencies, with some providing proof, post-tax profits from trading crypto-assets and stakes in crypto-related businesses.
According to the company, the average age of the cryptocurrency's richest people versus the average age of the Forbes 400 list of the wealthiest Americans was 42 compared to 67.
Forbes said that it had divided its overall list into five groups including idealists, builders, opportunists, infrastructure players and establishment investors.
It explained that it was a "near certainty" that it had missed some people.
It pointed out that it felt "fortunes of this magnitude should never be allowed to lurk in the shadows.”
Ripple founder Chris Larsen topped the first ever list, and Forbes pointed out that his net worth came close to $20 billion in early January.
This was made possible due to owning 5.2 billion XRP - the token of Ripple.
Forbes said that it has since crashed around 65 percent, but Larsen still holds the top spot on the list.
Joseph Lubin, co-founder of Ethereum and founder of Consensys was ranked second with a net worth of between $1 billion and $5 billion.
Meanwhile, the CEO of Binance, Changpeng “CZ” Zhao, scored the third spot, with up to $2 billion.
Tyler and Cameron Winklevoss, co-founders, Winklevoss Capital; Brian Armstrong, CEO, Coinbase; Matthew Roszak, co-founder, BloQ and founder, Tally Capital; Anthony Di Iorio, co-founder, Ethereum and founder, Jaxx and Decentral; Brock Pierce, chairman, Bitcoin Foundation and advisor, Block.One; Michael Novogratz, CEO, Galaxy Digital followed next on the list.