Ripple, the blockchain focused company, has announced the addition of Benjamin Lawsky to its Board of Directors and the appointment of Ron Will as the company’s Chief Financial Officer (CFO). So far, Ripple’s popularity has been mainly due to their payment protocol, which is essentially a real-time gross settlement (RTGS) system that leverages blockchain technology and is based around an in-house cryptocurrency named XRP.
The company’s new board member, Benjamin Lawsky, has over 20 years experience of dealing with federal and state regulation of cryptocurrencies. In addition to spearheading BitLicense, New York’s regulation for cryptocurrency based companies, he was also the New York State superintendent of financial services between 2011 and 2015. In that period, he managed all chartered banks in the region as well as US subsidiaries of foreign banks located in New York state.
For any blockchain and cryptocurrency-centric company of Ripple’s scale, Lawsky’s skillset and tenure are invaluable. Benjamin Lawsky expressed his excitement over the company’s prospects and stated that he looks forward to be an integral part of new developments. He also praised Ripple’s willingness to follow regulation-enabled innovation and the company’s leadership.
Ron Will, appointed as Ripple’s Chief Financial Officer, has close to 30 years of experience in investment banking and as a senior financial executive. Will was the CFO of TubeMogul prior to the company’s acquisition by Adobe in 2016. He also held CFO, CCO and operating partner designations at the equity firm, Mainsail Partners. Between 2011 and 2015, Will was the CFO of Brightroll, which was ultimately acquired by Yahoo! in 2014. Notably, Will was also the treasurer and Vice President of Finance at Yahoo! for a period of seven years.
Citing Ripple’s ever-growing list of partners, including big-name financial institutions like American Express, Ron Will expressed personal enthusiasm to work as the company’s CFO. He went on to applaud Ripple’s approach to solving problems involving cross-border payments and said that he faced similar issues in his time working as a treasurer at Yahoo!
Since Ripple’s release in 2012, its cryptocurrency XRP has grown to become the fourth largest by market capitalization. In stark contrast to the way Bitcoin tries to appeal to the general populace and establish itself as a utilitarian currency, XRP’s target audiences are governments and financial institutions. Furthermore, Ripple’s mission with XRP has been to do away with long transaction times that other cryptocurrencies currently face. As an example, the currency boasts transaction times of mere seconds that is substantially lower than that of Bitcoin’s.
Ripple’s CEO Brad Garlinghouse stated that in the future, the company aims to disrupt the payment industry even further with its blockchain based RTGS system alongside their XRP cryptocurrency. He also commented that the company stands to benefit immensely from the expertise of Ben Lawsky and Ron Will.
The cryptocurrency market has been growing, even amongst the financial institutions and private companies that comprise of Ripple’s target audience. With the range and depth of experience that these new members have to offer, it is clear that Ripple now has more potential than ever before.