Success Story with Scott D. Clary
Episode: Lessons - The Ethereum Co-Founder Who Quit Crypto | Anthony Di Iorio
Air Date: November 21, 2025

Overview

This episode dives into the journey and philosophy of Anthony Di Iorio, co-founder of Ethereum, as he discusses the evolution of the cryptocurrency space, his departure from high-profile projects, and his drive to reimagine business frameworks for greater inclusivity and sustainability. The discussion covers speculation vs. utility in crypto, challenges of decentralization, and Anthony’s “Perfect Formula” for problem-solving and business model innovation.

Key Discussion Points & Insights

1. Speculation vs. Utility in Cryptocurrency

[00:00 - 02:45]

• The crypto industry’s initial growth was propelled largely by speculation—the hope and risk-taking of early adopters betting on revolutionary technology.
• As the sector matures, real-world utility is becoming more important for sustained value.
  • Anthony Di Iorio [00:51]:
    "Early on there was a lot of speculation... but more and more every month you're seeing utility come out of it. You're seeing how the different sectors and different industries are going to be radically changed from the technologies."
• Anticipates dramatic changes as crypto technologies scale and regulatory or technical barriers fall away.
  • Emphasizes “thinking ahead of the curve” as critical for recognizing new disruptive opportunities.
  • Anthony Di Iorio [01:38]:
    "It's all about staying ahead of the curve and understanding where things are going based on where things have gone in the past."

2. Real-World Adoption by Governments

[02:45 - 03:12]

• Hosts note tangible, high-stakes uses, such as countries like El Salvador and Zimbabwe exploring cryptocurrencies as legal tender.
  • Scott D. Clary [02:45]:
    "You're starting to see some practical application that are really changing how a country can function."
• Di Iorio affirms the practical shift.

3. Anthony's Personal Journey: Leaving Ethereum and Building Tools for Inclusion

[05:51 - 13:57]

• Left Ethereum in 2015 as project scope outgrew his vision; developers took over, and governance among eight founders was challenging.
  • Anthony Di Iorio [05:51]:
    "Back in the day, there was eight founders. At that time, it was difficult to get decisions made...the developer team, you know, it was about them carrying things out."
• Shifted focus to creating infrastructure to support an emerging multichain world—tools for people to control assets across many cryptocurrencies.
• Founded Decentral, launched Jaxx and Jaxx Liberty, pioneering multi-platform, multi-currency (non-custodial) wallets.
• Stressed three pillars of user empowerment:
  • Ownership of money
  • Ownership of identity
  • Ownership of communications
• Anthony Di Iorio [07:18]:
  "It's really important to own your identity, it's really important to own your money and it's really important to own your communications. And those three together... in a decentralized fashion where the user is in full control, is a very powerful product."

The Paradox of Freedom

• Over time, realized that total decentralization comes with its own risks and responsibilities—being your own bank doesn't guarantee more freedom or less risk.
  • Anthony Di Iorio [08:20]:
    "The more freedom that I was seeking, actually, the less freedom I actually had."

4. Rethinking Mission, Models, and Service

[09:30 - 15:51]

• Personal reevaluation led him to focus on being “in service”—using what he excels at to help the greatest number of people.
  • He breaks this down into his "What," "Why," and "How":
    • What: Serve others
    • Why: Joy in helping people
    • How: Developing a framework called “Perfect Formula”
  • Anthony Di Iorio [10:51]:
    "What makes me happy is being in service...what can I do to offer to the world that I...am good at?"
• Perfect Formula Framework:
  • Aims to create win/win scenarios for as many stakeholders as possible, regardless of sector.
  • Encourages business models that avoid exclusion and minimize negative externalities (e.g., environmental harm, misinformation).
  • Critiques current business models for prioritizing return on investment at the expense of serving broader society:
    • Anthony Di Iorio [12:40]:
      "If we can move the dial from deficient models...how do we create models of aligned people that come together to create 90% models where people are realizing that by joining your product...their day to day life is getting better?"

5. Business Innovation and the Status Quo

[13:57 - 15:51]

• Stakes his position against ad-driven and data-extractive models, proposing partnership-driven, user-focused alternatives (as with Jaxx wallets).
  • Anthony Di Iorio [13:58]:
    "We’ve never used advertising in our models. I think generally people don't like advertising. There are better ways to do things."
• Stresses the importance of trust, social capital, and inclusivity.
  • Seeks to be a catalyst for more holistic, people-first business models.
  • Anthony Di Iorio [15:10]:
    "I want to help be a catalyst for ... solutions... creating more inclusivity, creating more people coming together to [work] on common goals and interests."

Memorable Quotes & Highlights

• "Early on there was a lot of speculation...but more and more utility is coming out. It's growing because there is a realization that these things are very powerful, they're very empowering."
  — Anthony Di Iorio [00:51]
• "The more freedom that I was seeking, actually, the less freedom I actually had."
  — Anthony Di Iorio [08:20]
• "What makes me happy is being in service... It makes me happy to see other people happy."
  — Anthony Di Iorio [10:51]
• "If we can move the dial from deficient models...how do we create models...where people are realizing that by joining your product... their day to day life is getting better?"
  — Anthony Di Iorio [12:40]
• "We've never used advertising in our models...There are better ways to do things."
  — Anthony Di Iorio [13:58]

Key Timestamps

• 00:00 — Introduction to speculation vs. utility in crypto
• 02:45 — Discussion of government adoption (El Salvador, Zimbabwe)
• 05:51 — Di Iorio on leaving Ethereum and starting Decentral, Jaxx
• 08:20 — Reflections: “paradox” of self-sovereignty and freedom
• 10:51 — Revelation to focus on service and building “Perfect Formula”
• 12:40 — Critique of deficient business models
• 13:58 — Why his business avoids advertising; focus on partnerships
• 15:10 — Call for inclusive, people-first frameworks

Tone & Style

The discussion is open, candid, and reflective, blending Di Iorio’s technical and entrepreneurial insights with a philosophical, people-centered outlook. The mood is optimistic but critical—hopeful for technology’s potential but wary of conventional business incentives.

In summary:
Anthony Di Iorio’s journey from Ethereum co-founder to advocate for holistic, inclusive business solutions charts a path away from profit-at-all-costs toward frameworks prioritizing the service, agency, and wellbeing of users. His story underscores the power of staying ahead of the curve, being introspective about impact, and daring to think differently about what success in business really means.