Ripple has appointed former US treasurer Rosa Gumataotao Rios to its board of directors.
Rios served as US treasurer under the Obama administration from 2009 through 2016, and brings a range of qualifications with her.
Revealing the news, Ripple CEO Brad Garlinghouse cited Rios' experience in both the public and private sectors. Rios for her part said that Ripple cuts “one of the best examples of how to use cryptocurrency in a substantive and legitimate role to facilitate payments globally”.
In the meantime, Ripple is introducing some other changes. Kristina Campbell will step in as the company's chief financial officer. Campbell previously held a position at PayNearMe. Similar to Rios, she believes that Ripple and crypto can make the global financial system more accessible.
The appointments unfold against a backdrop in which the currency has lost its position as the fourth largest cryptocurrency asset to Dogecoin, which was worth $0.54 on Tuesday, following backing by both Winklevoss-owned crypto exchange Gemini and social trading and brokerage platform eToro.
$XRP, which is the cryptocurrency developed by Ripple, has experienced considerable volatility in recent months, because of an ongoing lawsuit launched against the company by the US Securities and Exchange Commission.