u.today
Earlier this Tuesday, Ripple CEO Brad Garlinghouse offered a "big welcome" to Standard Custody CEO Jack McDonald after the latter joined the company as senior vice president (SVP) of stablecoins.
Garlinghouse noted that McDonald was no stranger to the XRPL ecosystem and to him personally, adding that he is "thrilled" to have him on his team.
McDonald boasts more than three decades of experience in the financial sector. In 2000, he became the managing director of UBS Investment Bank. In 2014, McDonald became the president and CEO of Conifer Financial Services.
He also spearheads PolySign, a fintech firm established by Ripple's Arthur Britto and David Schwartz. Standard Custody, a digital asset custodian, is a subsidiary of PolySign.
As reported by U.Today, Ripple announced its plan to acquire Standard Custody in February to expand its portfolio of regulatory licenses. The deal came less than a year after it bought Switzerland-based cryptocurrency custody firm Metaco for $250 million.
In January, the company also unveiled its plan to make a foray into the highly saturated stablecoin market with its own dollar-backed cryptocurrency that will initially run on the XRP Ledger and Ethereum. As reported by U.Today, Ripple President Monica Long recently predicted that the stablecoin project would go live this year.
Ripple has already closed the Standard Custody deal, according to its Tuesday announcement. McDonald, who has been appointed as the company's SVP of stablecoins, will also keep serving as the CEO of Standard Custody.
The company's strong financial position allows it to potentially continue its strong acquisition spree, according to a recent blog post.