Serial entrepreneur and venture capitalist Steven Nerayoff has joined the global lending project named Ripio Credit Network (RCN) as a lead advisor. Having founded several blockchain-based companies through his firms Maple Ventures and Alchemist Ventures, Nerayoff is also widely known as the co-creator and token sale architect of the Ethereum project from its earliest day.
Steven began his professional journey as an attorney with Orrick, Herrington & Sutcliffe, where his practice involved technology, M&A, structured finance transactions, tax and corporate work. Сompanies he has founded and co-founded include: Fleetwood Owen (now Cooper Owen, the world’s largest celebrity memorabilia company), eWanted.com, the Internet’s leading marketplace for person-to-person “want ads” and Inside/Out City Guides.
Being the brand-new advisor, Nerayoff is now a part of the RCN team. Its core members are the ones behind Ripio, one of the most renowned Bitcoin companies in Latin America, started in 2013.
RCN is a global credit network protocol based on cosigned smart contracts that connects lenders and borrowers located anywhere in the world and on any currency. RCN creates a better credit alternative than anything available today.
The smart contracts connect agents with information on the borrower’s identity to agents that analyze the borrower’s credit risk impartially, thus standardizing credit lending through blockchain technology.
The cosigner acts as a reinsurer that distributes and reduces the lender’s risk and, at the same time, helps to improve the contract conditions by retaining access to the borrower’s local legal system. By reducing the traditional banking brokerage costs and management fees, RCN aims to allow better conditions for both sides.
RCN which has recently raised over $40M in its token sale has the potential to democratize digital economy through increasing credit access for borrowers, neutralizing default risk for lenders, and reducing asymmetric information between network agents.
According to the project’s roadmap, by the end of December the developers are planning to implement SDK, improve smart contracts, and release network agent interfaces to enable third parties to join the ecosystem.
David Garcia, RCN’s SVP and board member, said: “As he has done with other successful crypto projects such as Factom, Lisk, ZCash and Bancor, Steve [Nerayoff] will bring in lots of expertise and experience to help us expand financial inclusion worldwide.”
RCN has recently partnered with several asian crypto projects, such as the Exchange Union trading network and the crypto exchange Huobi, aiming to create a global lending ecosystem with the potential to offer a better credit alternative than anything available today.
RCN’s most recent alliance with the decentralized exchange Kyber Network will also help them focus on emerging blockchain economies of such Asian countries as China, Hong Kong, Vietnam, Philippines, Taiwan, Singapore, South Korea, India, and Indonesia.