Digital currency firm, Ripple Labs, has brought in the former Depository Trust & Clearing Corporation (DTCC) CEO Donald Donahue as its newest advisor, according to a Ripple Labs statement.
Mr. Donahue presently serves as the president of risk consulting outfit, Miranda Partners, having previously led the DTCC in its stabilizing role of the financial system following the 2008 crisis.
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Ripple is currently bidding to work with a number of international banks to rewire international money transfer business via fast and streamlined exchange of its digital currency tokens in exchange for fiat currency.
According to Mr. Donahue in a recent statement on the advisory post, “I’m very interested in the capabilities distributed payment technologies seem to offer for improving the safety, soundness and cost effectiveness of global payments and settlement infrastructures. Ripple is already a clear leader in this space; I’m looking forward to working with the Ripple Labs team to deliver on these exciting possibilities.”
Last month, Ripple Labs raised $28 million in a Series A round backed by major China-based investors. Leading the round were IDG Capital Partners and the venture arms of CME Group and data storage company Seagate Technology.