Ripple Labs has added Michael Barr, a former US Treasury Department official, to its board of advisors.
Barr previously served as Assistant Secretary for Financial Institutions under President Barack Obama and as a special Treasury advisor to former President Bill Clinton. Barr also worked in the State Department and the US Supreme Court. He is currently teaching at the University of Michigan Law School.
Barr said in a statement:
“Our global payments system is badly outdated. I think innovation in payments can help make the financial system safer, reduce cost and improve access and efficiency for consumers and businesses alike.”
With the move, Barr becomes the latest former Obama administration official to join the startup’s board of advisors.
Ripple Labs is the developer of a distributed payments network geared toward financial institutions.
The company is one of a growing number of startups pitching more permissioned blockchain alternatives to banks and financial services providers worldwide.
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