Digital currency exchange itBit has hired Erik Wilgenhof Plante to serve in the newly-created position of chief compliance officer.

Plante joins itBit from PayPal, where he oversaw all compliance matters for Southeast Asia. He formerly has held compliance roles with DZ PRIVATBANK, Clariden Leu, Commerzbank, and ABN AMRO.

"Virtual currencies like Bitcoin offer tremendous possibilities by empowering people to transfer money very quickly at very low cost. For this innovation to gain widespread adoption, trust is paramount," Plante said in a blog post on the company's Website. "itBit was created with compliance, security, and customer experience at its core. With this long-term vision, we believe that we will be able to build the trust needed to be successful with both institutional and retail investors."