This morning Xapo announced the formation of its advisory board with three members, Dee Hock, John Reed and Lawrence H. Summers.
Xapo is a financial services and security company that has developed a bitcoin wallet and a secure vault for spending and storage of bitcoins. The company which has secured north of 40 million dollars of funding from investors including Winklevoss Capital, Pantera Capital, Ribbit Capital, Benchmark, and more has been expanding and taking steps to further solidify itself as a player in the financial space.
The company has formed a new advisory board that contains several large names that are surely to please institutional investors and add further legitimize operations.
Dee Hock was the founder of Visa and retired in 1984. Mr. Hock is known by many in the payments industry as being responsible for payment systems that are still used to this day.
“Bitcoin represents not only the future of payments but also the future of governance,” Mr. Hock said. “We live in the 21st century but are still using command and control organizational structures from the 16th century. Bitcoin is one of the best examples of how a decentralized, peer-to-peer organization can solve problems that these dated organizations cannot. Like the Internet, Bitcoin is not owned or controlled by any one entity, so it presents incredible opportunities for new levels of efficiency and transparency in financial transactions.”
The company also added Mr. John Reed to the advisory board. Mr. Reed was formerly the Chairman & CEO of Citibank. Mr. Reed was also the Chairmen of the New York Stock Exchange. He currently serves as the Chairmen of the MIT Corporation.
“Financial services have remained largely untouched by the digital revolution,” says Mr. Reed. “Bitcoin represents a real opportunity for changing that. Money at its core is simply a ledger for keeping track of debts and Bitcoin is truly the best iteration of a universal ledger we’ve ever seen. The mere fact that there will never be more than 21 million bitcoins and that each bitcoin can be divided into 100 million units makes it a significant improvement on any historical form of currency.”
The final addition to the advisory board at this time is Mr. Lawrence Summers. Mr. Summers is the former Secretary of the Treasury under President Bill Clinton. Mr. Summers also served as the President of Harvard University. In 2013, he was widely believed to become Chairmen of the Federal Reserve before Obama appointed Ms. Janet Yellen due to political concerns.
Mr. Summers stated, “Until now whenever we’ve needed to transfer money we’ve had to rely on a third party, whether it be a bank, a clearing house or a payment network. Bitcoin offers, for the first time, a method for transferring value and making payments from anywhere to anywhere, in real-time, without any intermediary. This could mean we soon see many billions of people sending bitcoin everyday as easily as they currently send a text message.”
Xapo also recently announced it would be moving corporate headquarters to Zurich.
Headline image courtesy of Xapo.