The cryptocurrency ecosystem is gaining more and more interest from governments, big investors, and important leaders, many who believe it could the next technology revolution.
Ripple Labs has just announced that it has named Gene Sperling, the first person to serve as National Economic Council Director and National Economic Advisor for two presidents, to its Board of Directors.
Sperling served as NEC Director and National Economic Advisor under President Clinton from 1997 to 2001 and then under President Obama from 2011 to 2014. Prior, he was senior counselor to Treasury Secretary Geithner, advising on financial crisis and auto rescue issues as well as being lead advisor on fiscal and jobs issues. In 2008, he was a chief economic advisor to Hillary Clinton during her Presidential campaign.
He is currently President of Sperling Economic Strategies, which advises financial companies, start-ups, Fortune 500 companies and philanthropies, including PIMCO. Sperling was named one of the 100 Most Powerful People in Global Finance by Worth Magazine and as one of the 50 Most Powerful People in Washington by GQ.
Sperling made this comment regarding his appointment.
I am excited to join Ripple Labs and their mission to dramatically increase the speed and efficiency of cross-border payments through a common Internet protocol. The currency-neutral Ripple protocol is a unique technology that can fundamentally transform correspondent banking and lead to real-time payment systems. Furthermore, by seeking to do for payments what HTTP did for information sharing, the Ripple protocol can help advance the movement toward universal access to financial markets and services.
Ripple Labs CEO Chris Larsen commented:
I am thrilled to welcome Gene to the Ripple Labs team. As a respected leader on economic issues, his experience and insights will be critical in building on our recent momentum gaining traction with financial institutions and network operators.
Ripple Labs developed the Ripple protocol, an Internet for money that enables the free and instant exchange of anything of value. The San Francisco-based startup is funded by Google Ventures, Andreessen Horowitz, IDG Capital Partners, Core Innovation Capital, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Corp. and Vast Ventures.
Named one of 2014’s 50 Smartest Companies by MIT Technology Review, Ripple Labs’ team of 80 is comprised of experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple.
Earthport, the largest open network for global bank payments, and three banks in the United States and Germany recently announced deployments of Ripple.
Sperling joins Susan Athey, a Professor of Economics at Stanford Graduate School of Business and Senior Fellow at the Stanford Institute for Economics Policy Research, on the Ripple Labs Board of Directors.
Sperling graduated from the University of Minnesota and Yale Law School, and attended Wharton Business School. His work extends beyond economics, having served as the founder and Director of the Center for Universal Education at the Council on Foreign Relations and Brookings Institute. He co-authored a book entitled What Works in Girls’ Education: Evidence and Policies from the Developing World, and he was also Senior Fellow for Economic Policy at the Center for American Progress, where he authored The Pro-Growth Progressive: An Economic Strategy for Shared Prosperity.
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