Larry Cermak, Research Director of The Block, today questioned the valuation of Circle and Ripple in the "2019 Hurun Global Unicorn List" on Twitter. Larry said: "Circle's shares currently have a 20% discount on the private market and Ripple has a 1% discount. Both valuations have not reached the level of a unicorn. Circle's valuation is about $600 million, while Ripple's The valuation is only $400 million. In addition, Larry also explained: "This is only a valuation of Ripple's assets, and does not reflect the large amount of XRP reserves Ripple has." On October 21, Hurun Research Institute released "2019" The Hurun Global Unicorn List, which has a valuation of Ripple of 35 billion yuan (about 4.9 billion US dollars), Circle is valued at 20 billion yuan (about 2.8 billion US dollars).