Announcing Xapo’s Advisory Board

May 26, 2015

Today Xapo is proud to announce the formation of its advisory board with three visionary leaders, Dee Hock, John Reed and Lawrence H. Summers.

Dee HockDee Hock is the founder of Visa, and is responsible for effectively creating payment systems as we know them today. “Bitcoin represents not only the future of payments but also the future of governance,” Mr. Hock said. “We live in the 21st century but are still using command and control organizational structures from the 16th century. Bitcoin is one of the best examples of how a decentralized, peer-to-peer organization can solve problems that these dated organizations cannot. Like the Internet, Bitcoin is not owned or controlled by any one entity, so it presents incredible opportunities for new levels of efficiency and transparency in financial transactions.”

John ReedJohn Reed was formerly the Chairman & CEO of Citibank, and was responsible for growing Citibank into the world’s first truly global financial franchise. Under Mr. Reed’s leadership Citibank developed the modern ATM and helped redefine the modern retail banking experience. “Financial services have remained largely untouched by the digital revolution,” says Mr. Reed. “Bitcoin represents a real opportunity for changing that. Money at its core is simply a ledger for keeping track of debts and Bitcoin is truly the best iteration of a universal ledger we’ve ever seen. The mere fact that there will never be more than 21 million bitcoins and that each bitcoin can be divided into 100 million units makes it a significant improvement on any historical form of currency.”

Larry SummersLawrence H. Summers was the Secretary of the Treasury under President Bill Clinton, and continues to be one of the leading economic and policy thinkers of our time. “Until now whenever we’ve needed to transfer money we’ve had to rely on a third party, whether it be a bank, a clearing house or a payment network. Bitcoin offers, for the first time, a method for transferring value and making payments from anywhere to anywhere, in real-time, without any intermediary. This could mean we soon see many billions of people sending bitcoin everyday as easily as they currently send a text message.”

We look forward to continuing to build the global Bitcoin ecosystem with the help of these accomplished leaders and visionaries from the worlds of finance, economics and public policy.

Wences Casares

By Xapo Founder and CEO

@wences

Article published on May 26, 2015

MORE NEWS

Xapo regulatory status in Switzerland

Three years ago, Xapo set out to determine the optimal jurisdiction from which to serve non-U.S. customers.  Our research ultimately identified Switzerland as the ideal jurisdiction, as explained in a May 2015 blog post. We are happy to announce that, after almost two years of substantial effort and investment, Xapo has received conditional approval from…

By Wences Casares

What would happen if Xapo got hacked

In light of the Bitfinex hack, we have been asked multiple times, “What happens if Xapo gets hacked?” This is the answer. TL;DR: If Xapo’s hot wallet were hacked, Xapo would cover the loss from its own reserve of bitcoins. Less than 3% of bitcoins are kept in our hot wallet, so our bitcoin reserve would…

By Wences Casares

Xapo joins in with industry leaders to support BIP101

Our community stands at a crossroads. The debate about which path to take has, by and large, been a healthy one, and we have not interposed our own positions or interfered in the discourse. Until today, our involvement has consisted of listening, researching and testing. We believe that work is complete, and it is time…

By Xapo Press