Former Citigroup Dick Parsons joins an executive at Crypto-based firm Celo, and sources explained that his experience as a senior bank executive necessitated his arrival at the firm. The experienced banker is joining the crypto industry to bring necessary changes to his new firm.
The digital asset space has been attracting some big names in the tech and banking industries due to the outstanding growth in the past few days. People see the growth as an opportunity for big names to make more needed inputs to make the community more attractive for individuals.
Parsons joins Celo as a part of philanthropist work
Dick Parsons, the chairman of Citigroup for a while, especially during the 2009 crisis, has experience in the banking sector. It’s a firm specializing in blockchain services for mobile devices, and Parsons would be one of the executives on the board.
The banker’s history has been prominent as he helped Citigroup reach some esteemed points despite the 2009 financial crisis that affected America. Parsons’ banking career rose to prominence around 2000, where he was known as one of the most successful black entrepreneurs. In 2001, the financial expert joined Time Warner and also served as a CEO at L.A Clipper.
One of the firm’s representatives at Celo explained that the banker took an interest in the startup because he wants to be part of the next big thing: cryptocurrency and expand his philanthropic work.
Parsons said that crypto is essential for financial inclusion. He sees the digital asset as a tool for finances and has hopes to help push the industry to the next level. Parson explained that the Celo foundation and some other groups are trying to meet a critical need and give people access to traditional financial services.
Celo to assure affordable money transfer
Celo has been doing many projects and has raised $20 million from the blue-chips firm, and it could be the next competition for Venmo. The company has been working towards offering technology that would allow its users to make crypto payments with their phones.
This would reduce the problems with accessibility to crypto, especially with countries that are still developing. An individual linked to Celo, Katie Haun, explained how the firm gives payments, making it easier for users to make payments. Haun added that the firm charges lesser transaction fees when compared to other transfer services.
Parsons is a known philanthropist and has embarked on numerous projects to help the world. He has to lead the Rockefeller foundation and would now help Celo to create wealth for everyone. The financial expert is notably one of the few entrepreneurs that have joined the crypto space.
The crypto space has been controversial for gender and race bias. This would likely encourage a diversity of races to join the league and be part of the crypto community. Fortunately, many ongoing projects have been involving more females and other races to assure the inclusiveness of the services and to meet specific needs associated with all classes.