Earlier this Tuesday, Jack McDonald, CEO of Standard Custody, who joins Ripple as Senior Vice President (SVP) of Stablecoins, was welcomed warmly by Ripple’s CEO Brad Garlinghouse.
Garlinghouse showed his excitement, stressing McDonald’s experience with the XRPL ecosystem and their personal rapport. “It gives me great pleasure to have him on our team,” Garlinghouse remarked.
McDonald provides almost thirty years of finance industry expertise. Highlights of his career include directing Conifer Financial Services as President and CEO from 2014 and serving Managing Director of UBS Investment Bank in 2000.
Ripple Acquires Standard Custody
Apart from his new post at XRP, McDonald will also be leading Standard Custody, a PolySign subsidiary fintech company co-founded by Arthur Britto and David Schwartz.First reported in February, XRP’s acquisition of Standard Custody fits the company’s aim to increase the range of regulatory licenses it carries.
This action highlights Ripple’s aggressive development in the digital asset custody market after $250 million purchase of Switzerland-based cryptocurrency custody company Metaco.With its own dollar-backed cryptocurrency meant to run on both the XRP Ledger and Ethereum, XRP disclosed intentions to enter the stablecoin market in January.
Monica Long, the president of ripple, recently forecasted the stablecoin project to start within the year.Leveraging his vast business knowledge and leadership experience, McDonald’s hiring as SVP of Stablecoins is a calculated move in this direction.The Tuesday release verified the Standard Custodial acquisition is complete.
Strong financial situation of XRP, highlighted in a recent blog post, points to the company might keep its active acquisition approach.McDonald’s combined roles at Ripple and Standard Custody place him at the vanguard of Ripple’s stablecoin goals, so further combining the capacities of both businesses to improve XRP’s footprint in the digital financial sector.
