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Ripple Hires Former Bank of America Executive as Head of Regulatory Affairs in US

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  • Yuri Molchan
    📰 News

    Ripple takes on board a new head of US Regulatory Affairs, meanwhile MoneyGram wants to implement Ripple’s On-Demand Liquidity in more markets

Ripple Hires Former Bank of America Executive as Head of Regulatory Affairs in US
Cover image via www.123rf.com
Contents

Recently, U.Today reported that the crypto heavyweight Ripple had set up an office in Washington, D.C., close to the US regulators.

Now, the company hires a former executive of Bank of America to do the talking with the SEC for them.

Meanwhile, Brad Garlinghouse says the MoneyGram CEO calls him asking to launch On-Demand Liquidity in more markets.

Former BoA and Blockchain wallet executive joins Ripple

Ben Melnicki has announced his new position on his official Twitter page. As per LinkedIn, his CV includes Global Regulatory Council at Blockchain crypto wallet provider, Chief Compliance Officer at Noble Bank International, Swap Dealer Compliance Director at Bank of America and other high ranking positions dealing with regulatory issues.

The page says that he has been working for Ripple full-time for a month already.

New Ripple executive
Image via LinkedIn

In the comment thread under his tweet, the Ripple community gave the man a warm welcome.

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MoneyGram wants Ripple to launch ODL in more markets

During the Fintech Week 2019 that took place recently, the Ripple CEO stated that he received a call from the head of MoneyGram. Their CEO was upset with ‘Ripple not moving fast enough’ and asked if they could launch On-Demand Liquidity in more markets.

Recently, U.Today reported that Ripple had invested in the largest Latin America's Mexican-based crypto exchange Bitso to implement the On-Demand Liquidity product, formerly known as xRapid.

 

Do you think the new Americas Head of Regulatory Affairs will accelerate Ripple’s dialogue with regulators and increase XRP exposure? Feel free to leave your opinion in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
    📰 News

    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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