Former CEO of DTCC brings deep financial services infrastructure technology and security expertise to Ripple Labs
San Francisco, Calif. – June 1, 2015 – Ripple Labs, the global leader in distributed payments technology and supporters of the Ripple protocol, today announced that it has named Donald Donahue, president and CEO of Miranda Partners, LLC and the former CEO of The Depository Trust & Clearing Corporation (DTCC), as an advisor to the company.
“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,” Donahue remarked. “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.”
Donahue is the President and CEO of Miranda Partners, a firm that provides risk-related consulting services to financial market infrastructure companies. He is also a consultant to the Institute for Defense Analyses, a private-sector think tank advising governmental agencies on national defense issues, supporting its work with the government to improve cybersecurity and infrastructure protection.
Previously, Donahue served as the COO and then CEO of DTCC, leading DTCC’s efforts to help stabilize the financial system through the crisis of 2007-08. Formed by the merger of The Depository Trust Company and the National Securities Clearing Corporation, DTCC is the principal infrastructure organization supporting post-trade activities for the U.S. securities and derivatives markets, processing transactions worth more than $1.6 quadrillion annually. In this capacity Donahue also worked with the U.S. Treasury Department and other governmental and private-sector groups to improve physical and cyber security over the financial sector following the September 11th attacks.
In addition, Donahue sits on a number of Boards, including United Way of New York City, and the NYC Leadership Academy amongst others. He holds a B.A. from Columbia University.
“I am excited to welcome Don to the Ripple Labs team,” said Ripple Labs CEO and co-founder Chris Larsen. “He has spent an entire career building, assessing and safeguarding the country’s financial technology infrastructure. His insights will be invaluable as we continue to expand adoption of Ripple as payments infrastructure technology by financial institutions around the world.”
Ripple Labs supports the adoption of Ripple, a distributed payments technology that connects the world’s disparate financial networks to securely transfer funds in any currency in real time. Banks, money transmitters and clearing houses can use Ripple as an alternative to correspondent banking to facilitate straight-through processing with no reserve funding required. For more information about Ripple, please visit http://www.ripple.com.
About Ripple Labs
Ripple Labs is the global leader in distributed payments technology. The team supports adoption of Ripple, a technology that powers the free and instant exchange of anything of value, and the creation of an Internet of Value (IoV).
Named one of 2014’s 50 Smartest Companies by MIT Technology Review, Ripple Labs’ team of 100 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open-source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive.
Ripple is an Internet protocol that interconnects all the world’s disparate financial systems to power the secure transfer of funds in any currency in real time – it enables an Internet of Value (IoV). As settlement infrastructure, Ripple transforms and enhances today’s financial systems. Ripple unlocks assets and provides access to payment systems for everyone, empowering the world to move value like information moves today. For more information about Ripple, please visit http://www.ripple.com.
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