Now the focus is on Richard Teng, who is the CEO of the Binance exchange. Investigators are investigating old connections of the new chief of the world’s largest crypto exchange. As a result, they uncovered the hidden thread connecting Teng to Ripple and XRP!
The new Binance CEO’s connections with Ripple have been revealed!
cryptokoin.comAs you can follow from , events developed surprisingly quickly. The focus of crypto enthusiasts is now the newly appointed Binance CEO Richard Teng. Researchers have uncovered a significant connection between Teng and Ripple, a world-famous provider of crypto solutions for business. Teng, who recently took the reins from Changpeng Zhao following a groundbreaking $4 billion settlement between Binance and US regulators, has a history intertwined with Ripple’s vast network.
Looking at Teng’s professional history, we see that he was once a key member of LuLu Finance’s board of directors. During Teng’s tenure, the company formed a partnership with Ripple. Thus, it opened an important page in the history of cross-border Blockchain money transfers. The Ripple-LuLu connection did not end there. In May 2023, Ripple’s long-time partner Tranglo formed a strategic partnership with Lulu Money, a subsidiary of LuLu Financial Holdings. In this way, it started to expand to the Middle East.
Singapore connection
Before running Binance Singapore, Richard Teng worked at the Monetary Authority of Singapore for more than a decade. This extensive background also adds to the intrigue. Because, in October this year, Ripple received a license to operate in Singapore from this authority. Thus, it signaled a strategic move to the Asian market. This makes the intrigue a little more interesting.
The connections between Richard Teng and Ripple are nuanced. However, it at least points to a deep understanding of Ripple’s business and XRP’s capabilities from the new Binance CEO. The crypto world is watching the developments with bated breath. It is possible that Teng’s appointment as the head of the world’s largest crypto exchange will initiate a new collaboration in the industry.
Ripple aims to take a significant share from the cross-border payment industry
Ripple is looking to capture a slice of the ever-expanding payments industry, which is estimated to reach $300 trillion by 2030, with payment offerings that leverage XRP for cross-border payments. Ripple’s Head of Payments Product, Pegah Soltani, recently shed light on how the San Francisco-based technology firm is trying to solve current problems in the industry using Blockchain technology.
Soltani emphasized that he was fascinated by the size of cross-border payments and money reaching trillions of dollars annually. He stated that sources predict that this value will reach 300 trillion dollars by 2030. However, Soltani identified several problems with cross-border settlements despite the growth of the sector. According to Soltani, the industry faces problems such as slow transactions, expensive fees and various errors. Soltani emphasized that Ripple is taking steps to transform the industry by addressing these pain points. In this context, Soltani underlined the following points:
Fortunately, at Ripple we are changing the way value moves around the world. We use Blockchain technology and digital assets to enable faster, more affordable and more transparent payments for both our customers and their customers.
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