Former SEC Chair Levitt to advise Bitcoin Companies
Bitcoin companies BitPay and Vaurum said that Arthur Levitt, former chairman of the US Securities and Exchange Commission (SEC), will serve as advisor to both enterprises. BitPay is the world’s largest bitcoin payment processor, while Vaurum is an institutional bitcoin exchange.
Levitt, the SEC’s longest serving chairman, 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,” said BitPay.
“Bitcoin is a fascinating new product in the rapidly changing world of financial service,” said Levitt. “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.”
Tony Gallippi, BitPay co-founder and executive chairman, added: “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 chief executive (CEO), Avish Bhama, commented: “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.”