Gamza Khanzadaev
Appointment of Binance’s new CEO, Richard Teng, unveils hidden thread connecting new chief of world’s largest crypto change to forces of Ripple and XRP
In a shocking flip of occasions, crypto fanatics have unearthed a major hyperlink between the newly appointed Binance CEO, Richard Teng, and the world-renowned supplier of crypto options for enterprise, Ripple.
Teng, who just lately took the reins from Changpeng Zhao within the aftermath of a groundbreaking $4 billion settlement between Binance and U.S. regulatory authorities, has a historical past that intertwines with Ripple’s expansive community.
Digging into Teng’s skilled background reveals that he was as soon as a key member of the board of administrators at LuLu Finance. Throughout Teng’s tenure, the corporate solidified a partnership with Ripple, marking a major chapter within the historical past of cross-border blockchain cash transfers.
The Ripple-LuLu connection didn’t finish there. In Could 2023, Tranglo, a longstanding companion of Ripple, initiated its enlargement into the Center East via a strategic partnership with Lulu Cash, a subsidiary of LuLu Monetary Holdings.
Singapore hyperlink
Including to the intrigue is Teng’s intensive background on the Financial Authority of Singapore, the place he spent over a decade earlier than main Binance Singapore. Curiously, in October of this 12 months, Ripple secured a license to function in Singapore from the identical financial authority, signaling a strategic transfer into the Asian market.
Whereas the connections between Teng and Ripple are nuanced, they trace at the very least at a profound understanding of the brand new Binance CEO’s aspect of Ripple’s enterprise and the capabilities of XRP.
Because the crypto house watches with bated breath, Teng’s ascent to the helm of world’s largest crypto change could usher in a brand new period of collaboration and innovation inside the trade.