The post Ex-Ripple CRO Greg Kidd Acquires Know Labs in $100M Deal appeared first on Coinpedia Fintech News
The Know Labs and the former Chief Revenue Officer (CRO) of Ripple, Greg Kidd, announced the successful closing of the $100 million strategic acquisition with Mr. Kidd’s affiliate, Goldeneye 1995 LLC. Upon closing the transaction on August 6, Mr. Kidd was appointed Chief Executive Officer and Chairman of the Board of Directors.
Know Labs Will Be Renamed As USBC
The deal closed with Goldeneye contributing 1,000 Bitcoin plus approximately $15 million in cash in exchange for approximately 357.8 million new common shares in Know Labs. Now, on August 15, the company’s legal name will change to USBC along with its ticker symbol, which will change from KNW to USBC.
Mr. Kidd stated, “The USBC token is an inclusive, compliant, and programmable digital dollar.”
“We believe this approach delivers a new standard for trust and utility in digital money, generating sustainable growth and long-term value creation for our shareholders,” he added.
With 81% control purchased in USBC, the company pushes toward a blockchain-based vision centred on the USBC token, which is a blockchain-based programmable U.S. dollar digital currency. It reflects a broader shift of moving toward fintech innovation and a digital dollar ecosystem.
New Executive Leadership Team Forms in the USBC
Linda Jenkinson has been appointed Vice Chair of the Board.
Ron Erickson, who was the founder of Know Labs, will serve as the President of the new division of the company. His role is to provide visionary guidance and strategic oversight.
Kirk Chapman has been appointed as Chief Operating Officer.
Kitty Payne has been appointed as Chief Financial Officer, who will lead the execution of the Company’s new vision along with Chapman.
These leaders will be supported by veteran USBC team members who developed this USBC platform by putting decades of work into technology and finance. The team will also oversee shares of the Company’s common stock, which will continue to trade on the NYSE American under the new name USBC, Inc. (NYSE American: USBC). The CUSIP number will remain unchanged.