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.
Congrats to @CeloHQ – Jai has just the right mindset and experience to help the team forge ahead and innovate amidst the growing maze of global regulations https://t.co/oDZnEMN0lu via @coindesk — Kathryn Haun (@katie_haun) November 27, 2019
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.
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