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Ripple’s Strategic Acquisition: Welcomes Industry Veteran Jack McDonald as SVP

Ripple

After Standard Custody CEO Jack McDonald joined the company as senior vice president (SVP), Ripple CEO Brad Garlinghouse earlier this Tuesday greeted him with a “big welcome.”

A Warm Welcome and Industry Expertise

Garlinghouse said McDonald was not unfamiliar with the XRPL environment, and personally, he is “thrilled” to have him on his team.

McDonald claims almost thirty years of finance industry expertise. In 2000, he was named managing director of UBS Investment Bank. In 2014, McDonald was appointed president and CEO of Conifer Financial Services.

Additionally leading PolySign, a fintech company founded by David Schwartz and Arthur Britto of Ripple, is Digital Asset Custodian Standard Custody, PolySign’s subsidiary.

Strategic Acquisitions and Future Plans

According to U.Today, Ripple revealed its intention to buy Standard Custody in February in order to increase the range of regulatory licenses it carries. Less than a year has passed since the transaction paid $250 million for cryptocurrency custody based in Switzerland.

The company also revealed in January its intention to enter the very saturated stablecoin industry with its own dollar-backed cryptocurrency initially running on the XRP Ledger and Ethereum. According to U.Today, Monica Long, the president of Ripple, recently projected that the stablecoin initiative would launch this year.

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Based on its Tuesday release, Ripple has already closed the Standard Custody contract. McDonald, appointed SVP of stablecoins for the business, will also continue to be Standard Custody’s CEO.

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Based on a recent blog post, the company’s solid financial situation lets it maybe keep its intense acquisition frenzy going.

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