Many know the big names behind iCash.
Will McDonough is probably the first that comes to mind. Despite having no initial background in finance (he majored in marketing and pre-law), Will is a well-known expert in his field and has worked in the finance industry for over a decade.
But his big Wall Street acclaim didn’t happen overnight. Will’s career path is far from traditional. Fresh out of Boston College, he made his debut at a Boston radio station where he then transitioned into sports management, notably managing famed NFL athlete Tom Brady. Thanks to his people skills, he eventually came in touch with renowned Wall Street figures Marc Lasry, with whom Will partnered to launch a debt and equity hedge fund, and Gary Cohn, who selectively placed Will in a position to manage capital for the Partners at Goldman Sachs.
At only 38 years old, Will has already left an important mark in the world of Wall Street. But his career doesn’t stop there. His next big venture into the world of Blockchain has only just begun.
In January 2017, Will founded iCash because he saw a gap in the validity of Smart Contract inputs. “It was just ironic to me, that this entire decentralization movement was dependent on a single authority validating large contracts (5:04)”, he mentioned during a FutureTech podcast.
To mitigate against errors and the problem of permanence that comes with immutability, iCash developed the Proof-of-Trust (PoT) protocol, an additional layer of security which will allow the validation and accuracy of smart contracts (read the beginners’ guide to the technology here).
“I realized for global institutions to transact at scale on Blockchain, they’re gonna want some checks and balances between that moment of settlement, and the irreversible imprints of Blockchain, whereby if they do disagree with it or if they do feel like there was some corruption or some inaccurate settlement, there’d be a method for them to adjudicate that. And our protocol allows for that. (5:20)”, Will explained.
The enterprise mindset
With a background in finance that drives a deep understanding of what makes businesses successful, together with an unparalleled network and unique access to attract and motivate best-in-class talent, Will has institutional knowhow and perspective that is extremely beneficial to iCash’s success. He also has experience in conceiving, building and taking a company public in a heavily regulated environment, which helps position iCash in a way that appeals to both the general public and investors:
“Our whole approach is in structuring ourselves both such that mainstream can use us, but also that Wall Street can invest in us”, Will said in a Blockchain Global News interview. “We’ve built our entire corporation to look like, smell like and taste like an institutional quality investment from the caliber of the team that we have.”
“Beyond that, we’re structuring our products such that they can be used by the broadest subset of humanity as well. And making it completely decentralized and free, and making it as adoptable by every decentralized application and every Blockchain that could possibly use it, to broaden the utility and adoption of our token, and thus drive appreciation.”
The iCash team
There is no doubt that Will has confidence in iCash and its potential. This belief is largely attributed to his team, one that he has carefully curated to propel the company into the vast space of Blockchain.
Through an interview with CoinSight, Will emphasized the talent behind iCash, “From my career in building businesses all over the world, I have a profound appreciation for building teams with institutional quality. It was very important for me to build the team first. And to be able to have a team of people who have built and scaled businesses all over the world”.
Gathered from various locations and industries, from their President based in Japan to their COO running risk management for the $75 billion pension fund of Massachusetts, iCash is not short of talent.
Will ensured the company had a pool of well diversified, global individuals to prepare for any eventuality. “It was important for me to build a team that could interact with any party all over the world, be it at a big bank, a big insurance company, or big institutional investor. We wanted to be able to prepare for that and we’re well structured for that”.
Confident in iCash
While aware of the risks of failure and the volatility of the industry, Will is positive in bringing iCash to the top.
“I’ve measured three times over, I’ve gone deep and put the time in to really understand the underlying technology. Trust is the most important thing you have to return; people know that if I’m putting something in front of them, it’s something I’ve vetted.”
Thanks to Will’s network and credibility, he has already gained the support of many important financial figures, such as Peter Thiel, Marc Andreessen and Mark Cuban through the investment firm 1Confirmation Fund, and Matthew Goetz from the hedge fund BlockTower.
Will has confidence iCash can achieve great things, “I predict that we are going to have a major opportunity, and so long as we focus and execute, it’ll be the biggest opportunity that I’ve ever been a part of in my career.”
As part of the ‘iCash Team Brief’ series, we will be releasing individual profiles on the many talented faces behind iCash. Stay tuned for more upcoming stories!