Levitt, the longest serving Chairman of the SEC, will work closely with both companies to monitor business practices as well as help develop new ways to market and refine this new form of currency. He said:
“Bitcoin is a fascinating new product in the rapidly changing world of financial service. I hope to help BitPay and Vaurum blend their new business models with core monetary methods and transparency practices in order to ensure their long term success.”
Financial Controls, Banking Relationships and Regulatory Compliance
Tony Gallippi, BitPay Co-founder and Executive Chairman, said:
“Bitcoin is a technology innovation that offers capabilities and speeds of payments that have never been possible before. Arthur’s experience and reputation are incredible assets to a rapidly innovative company like BitPay, and with his advice we hope to better navigate the financial industry and build a successful business.”
Vaurum CEO, Avish Bhama, said:
“Blockchain technology is poised to transform the financial services world, but will continue to remain an intellectual curiosity until it has a compelling everyday use case. Arthur Levitt brings additional validation to the space, and we’re pleased to work with him on our financial controls, banking relationships and regulatory compliance.”
BitPay is the global leader in bitcoin payment processing with offices throughout North America, Europe, and South America. The company has raised over $32 million from top investors including Index Ventures, Founders Fund, and Sir Richard Branson.
Vaurum provides trustworthy settlement of blockchain assets. The company uses blockchain technology to reflect a more transparent, globally-accessible financial ecosystem. With offices in Palo Alto and New York, Vaurum serves as a trusted institutional counterparty for financial institutions and bitcoin businesses. The company has raised $4 million in seed financing from Battery Ventures, Tim Draper and Steve Case.
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Images from SEC and Wikimedia Commons.