Ripple Labs Recruits Ex-DTCC CEO Donald Donahue as Its Advisor

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.

Ripple is currently bidding to work with a number of international banks to rewire international money transfer business via fast and streamlined Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.