Ripple, a startup that is building a bitcoin-style network that enables banks to make cross-border payments, said Tuesday that co-founder and Chief Executive Chris Larsen would leave his role at the end of the year.

Brad Garlinghouse, Ripple’s president and chief operating officer since April 2015, is succeeding Mr. Larsen, who will remain on Ripple’s board as executive chairman. Mr. Larsen said in an interview that he decided to step back from an operational role at the company to spend more time with his two young sons.

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