Former Treasury Secretary Counselor Joins Ripple

As reported on their website, Ripple has hired a new member to its board of directors, Craig Phillips is a veteran of the financial industry, with former leading positions at BlackRock and Morgan Stanley. Phillips also has governmental experience, he left the office of Steven Mnuchin, Secretary of Tresury in June.

Financial technology, at least the financial sector's cybersecurity is nothing new to the former managing director of Credit Suisse in the 1980s, as this was one of his tasks in collaboration with the Office of Critical Infrastructure Protection and Compliance Policy.

“Participating alongside the distinguished group of current directors, senior advisors and the Ripple management team is a unique opportunity that allows me to leverage my interest in this important technology and innovation.” -Craig Phillips

He also added, that Ripple is at a "critical juncture" in its history, as "it uses blockchain technology, to improve the speed, reliability and costs of cross-border payments between financial institutions. Finally, Philipps also added that this is a "unique opportunity" for him to leverage his interest in "this important technology and innovation".

Brad Garlinghouse, CEO of Ripple said that the apointment of Philipps to the board "further affirms" Ripple's commitment to working with policymakers, who bring experience in "developing regulatory frameworks", also enhancing cybersecurity and "overseeing innovation and risk management in the financial system".

The CEO also said that the blockchain industry "at-large" faces "increased attention" from regulatory bodies around the world.