Ripple appoints a former U.S. treasurer to its board amid legal fight with the SEC
Summary
Rosie Rios, now former treasurer of the United States Department of the Treasury, speaks during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 3, 2016. Ripple said Rios, the 43rd treasurer of the U.S. who served under President Barack Obama, would join its board of directors while it has also hired Kristina Campbell, previously an executive at fintech firms Green Dot and PayNearMe, as its chief financial officer. San Francisco-based Ripple uses blockchain technology to send money across borders for banks and other financial institutions, touting its platform as a more efficient alternative to the interbank messaging network SWIFT. "We are extremely fortunate to have them on the team as we continue our rapid international growth and to champion for regulatory clarity in the U.S." Ripple says customer demand for its cross-border payments network remains strong. The company was last privately valued at $10 billion and is backed by the likes of Japanese financial services giant SBI Holdings, Spanish bank Santander and top venture capital firms including Andreessen Horowitz, Lightspeed and Peter Thiels Founders Fund.