Xapo Announces Advisory Board, Brings Larry Summers, Visa founder, former CEO of Citibank on Board


Xapo Announces Advisory Board, Brings Larry Summers, Visa founder, former CEO of Citibank on Board

In a great talent acquisition, Xapo has announced that it is forming the new advisory board which includes the founder of Visa, Dee Hock; the former secretary of the treasury, Lawrence Summers; and the former chairman and CEO of Citibank, John Reed. The experienced and extremely successful professionals are expected to help the organization reach new goals.

The announcement came through the official blog post wherein the organization informs that the three luminaries will be joining the board to provide their experience and knowledge. The blog says that Dee Hock, the founder of Visa, and is responsible for effectively creating payment systems, is joining the board.

In his response to the inclusion in the members of board, Mr. Hock said that Bitcoin represents not only the future of payments but also the future of governance. According to him though it is the 21st century, a lot of people use command and control organizational structures from the 16th century.

He admits that Bitcoin is one of the best examples of how a decentralized, peer-to-peer organization can solve problems that these dated organizations cannot. According to him 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.

Ex-Chairman & CEO of Citibank also joins the Board

John Reed who worked as the Chairman & CEO of Citibank is also joining the board. It was he who helped Citibank grow into the world’s first truly global financial franchise as it developed the modern ATM and helped redefine the modern retail banking experience. Reacting to the appointment he said financial services have remained largely untouched by the digital revolution; however, Bitcoin represents a real opportunity for changing that.

According to John Reed money at its core is simply a ledger for keeping track of debts and Bitcoin is truly the best iteration of a universal ledger the world has ever seen. He admits that the mere fact that there will never be more than 21 million BTC and that each BTC can be divided into 100 million units makes it a significant improvement on any historical form of currency.

Lawrence H. Summers is also joining the board. Earlier he was the Secretary of the Treasury under President Bill Clinton, and continues to be one of the leading economic and policy thinkers of our time.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com