Ripple, a distributed ledger technology provider, has announced the appointment of Miguel Vias as head of XRP markets.

In his new role, Vias will work with market makers, traders, investors and exchanges to strengthen the XRP markets and set the stage for large-scale institutional adoption. Prior to Ripple, he worked as the global head of precious metals and metal options at CME Group. Vias has nearly two decades of trading experience and has worked in leading financial institutions including Morgan Stanley, Bank of America, and Mitsui.

“Since I bought my first XRP two years ago, I’ve kept a close eye on everything Ripple- and XRP-related and have been impressed with the progress the company has made. From building the team, to the product, to the market infrastructure, it’s obviously the best blockchain-focused fintech startup in the world. So when I had the opportunity to become part of the team, there was no way I was going to pass it up”, Vias said.

Vias believes that as a liquidity solution, XRP has potential to help banks and corporates currently holding balances in nostro accounts all over the world to facilitate payments without trapping their cash; as a digital asset, it can reduce the amount of capital in float; and as a bridge currency, it can enable liquidity concentration around fewer currency pairs, making cross-border payments more efficient.

“My experience in OTC markets and at an exchange will aid in charting a path toward wholesale XRP adoption. Similar to other digital assets, XRP exists in an interesting hybrid of OTC and exchange-traded markets”, Vias added. “If we want to transform XRP into an institutionally viable currency, it’s crucial to understand how both those markets function individually, how they complement each other, and how we can leverage a deep understanding of both to further develop XRP.”

When asked about the future course of action with regard to XRP, Vias responded:

“We’re planning to launch a quarterly XRP update that will focus on the state of the market, XRP deal structures and sales targets. Most importantly, our intent is to make XRP more broadly accessible by listing it on additional exchanges.”

In September 2016, Ripple announced the completion of a $55 million Series B financing round, which drew support from new investors including Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings, along with additional investors namely Santander Innoventures, the venture arms of CME Group and Seagate Technology, and Venture 51. Moreover, it also announced the addition of new financial institutions to its growing network, which includes Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank.