Former German Minister joins Ripple Labs Advisory Board

Karl-Theodor zu Guttenberg has joined Ripple Labs Advisory board. He is currently Chairman and a founder of Spitzberg Partners LLC, a New York-based boutique advisory firm that provides insights on international economic, technology, political and security issues.

Previously, he served as Minister of Economics and Technology and as Minister of Defense under German Chancellor Angela Merkel. He was Germany's youngest ever Minister of Defense and is said to have been the country's most popular politician while he was in office.

After moving to the US, he became a Distinguished Statesman at the Center for Strategic and International Studies (CSIS) in Washington.

He believes that the traditional payment system is "antiquated, costly, inefficient, and in need of disruption." He see Ripple's approach to redefining international transactions as important and believes material change in the world of digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term will take place in 2 to 3 years.

Germany's Fidor Bank recently implemented Ripple, allowing customers to transfer funds in any currency at a lower cost, and for the bank to transfer funds between partners without exposure to foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term risk. zu Guttenberg was pleased to see this implementation but remains uncertain as to when more "established" financial institutions will adopt such new transaction models.