HSBC Taps Former Ripple CEO for Tech Advisory Board

HSBC is adding Chris Larsen, the former CEO of distributed ledger firm Ripple, to its newly minted technology advisory board.

Larsen currently serves as the startup's executive chairman, having stepped down as Ripple CEO in November. At the time, he handed the reins to Brad Garlinghouse, a former executive for AOL.

According to HSBC, Larsen and other advisory board members will offer "advice and guidance" on a range of issues, including potential applications of blockchain tech.

Andy Maguire, HSBC’s group chief operating officer, said in a statement:

"We have made significant progress in the last couple of years, including more recently becoming the biggest financial services user of biometrics globally, through Touch ID, Voice ID and facial recognition, and through our participation in a first proof-of-concept of blockchain in trade finance."

HSBC has played a role in several blockchain proofs-of-concept in recent months, developments that have occurred since it joined the R3 blockchain consortium in September 2015.

More recently, the bank became a major stakeholder in the Digital Trade Chain (DTC) project, which aims to develop a platform for trade finance transactions.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Image Credit: David Franklin / Shutterstock, Inc.