In 2013, Hervé Larren found himself in a predicament when his Venezuelan mother asked him to send money to Caracas, but bank transfers between the US and Venezuela were not possible due to hyperinflation. Larren had planned to fly to Caracas with cash but his friend suggested sending Bitcoin instead. This led to Larren’s first Bitcoin transaction and sparked his interest in the world of cryptocurrency.
Prior to his venture into the crypto industry, Larren had a successful career with luxury goods company LVMH Moët Hennessy Louis Vuitton. He co-founded a large-scale crypto mining operation and worked with Grayscale to bring crypto assets to traditional investors. He later became an advisor to ApeCoin and made headlines as the first person to bid a million dollars for a nonfungible token (NFT).
Larren’s upbringing was influenced by both his French father and Venezuelan mother. His mother, a TV host and former model, was the first Latina model signed by L’Oreal, while his father imported wine to Canada. Larren pursued business studies at Montreal’s Concordia University and later obtained an MBA from Columbia University.
His journey into the technology sector began at Peak Ventures, a venture capital firm that focused on tech companies, including Twitter. Larren’s interest in Bitcoin grew when he started accepting it as a form of payment at an e-commerce business he was involved with. In 2015, he founded Global Crypto Ventures, a crypto mining firm with thousands of machines in Las Vegas and Texas.
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Larren’s encounter with Barry Silbert, CEO of Digital Currency Group, at a technology forum led to his involvement with Grayscale. He worked on the approval of the Grayscale Digital Large Cap Fund (GDLC), a weighted portfolio of cryptocurrencies. This marked his first foray into the crypto world beyond Bitcoin. Working with the Securities and Exchange Commission (SEC) to get approval for the GDLC was a nerve-racking process, but it ultimately expanded the pool of crypto investors.
While many in the crypto industry emphasize the importance of owning one’s keys, Larren argues that financial instruments like investment funds offer greater security, convenience, and ease of management. He believes that the entry of financial heavyweights like BlackRock into the Bitcoin market will lead to increased institutional adoption and a rise in Bitcoin’s price.
Larren’s journey also brought him into the world of nonfungible tokens (NFTs). He first discovered the metaverse through Decentraland’s initial coin offering in 2017 and made his first NFT purchase by buying his name in the metaverse. He later participated in the bidding for Beeple’s “Everydays” NFT, becoming the first person to bid a million dollars. Larren’s passion for NFTs led him to join Horizen Labs, where he contributed to the creation of ApeCoin, a token associated with popular NFT collections like Bored Ape Yacht Club.
As ApeCoin gained popularity and acceptance from luxury brands like Gucci and TAG Heuer, Larren found himself bridging the gap between the physical and digital goods industries. He engaged with luxury brands like Chanel, educating them on Web3 and the potential of NFTs.
Larren’s journey from the luxury goods industry to the crypto world showcases the evolving landscape of finance and the increasing adoption of digital assets. His experiences in crypto mining, investment funds, and NFTs highlight the potential and opportunities that arise from embracing the possibilities of blockchain technology. With institutions like BlackRock entering the crypto market, Larren remains optimistic about the future of cryptocurrencies and their integration into traditional financial systems.
