C Labs Hires Former US Government Official Jai Ramaswamy To Oversee Compliance Strategy
C Labs Hires Former US Government Official Jai Ramaswamy To Oversee Compliance Strategy
November 27, 2019
C Labs Hires Former US Government Official Jai Ramaswamy To Oversee Compliance Strategy
C Labs Hires Former US Government Official Jai Ramaswamy To Oversee Compliance Strategy
November 27, 2019

C Labs, a cryptocurrency payment startup, has hired Jai Ramaswamy, the former United States Government Official, to oversee the company’s compliance strategy.

On November 26, it has been reported that Ramaswamy had joined C Labs, the company that responsible for Celo, which is an open platform that makes financial tools accessible to anyone with a mobile phone.

As a former Managing Vice President at Capital One, the Major Credit Card Company, Ramaswamy will reportedly oversee the company’s strategy on global regulations, risk and compliance. He said that he is interested in helping C Labs understand its overall risk profile.

Further, his LinkedIn profile reveals that before being hired by C Labs his previous stint at Capital One, Ramaswamy worked as the global head of anti-money-laundering (AML) at the Bank of America. 

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Prior to that position, he was the chief of the asset forfeiture & money laundering section at the U.S. Department of Justice (DOJ), where he led the department’s efforts to monitor virtual currencies used by criminal organizations and prosecutes facilitation of criminal activity by exchanges.

As it was reported in February 2019, Celo hired fellow payment network Circle’s Chuck Kimble. Kimble was involved in the company’s stablecoin launch as head of strategic partnerships.

Similarly, in April, Celo raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz. The blockchain platform will use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones.

Thus, Rene Reinsberg, the Co-founder of Celo, said:

“We see big potential in letting people — directly on their smartphone — access basic financial services […] We are based on blockchain technology but for the average end user we try to abstract that away, to make the experience as easy as any other mobile app.”

Rene Reinsberg

Source: cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.