Texas Bullion Depository Announces Sean Forbes Joining Depository Operator as Managing Director
AUSTIN, Texas, Feb. 28, 2019 /PRNewswire-PRWeb/ -- The Texas Bullion Depository is the first of its kind in the nation. The depository is owned and overseen by the State of Texas, but is operated by Lone Star Tangible Assets, a private entity. Forbes will lead the depository's efforts to become the preferred storage facility for precious metals held by large investment funds, family offices, and endowments. He will also lead the expansion of technology, storage and fulfillment solutions for metals-backed digital payments and cryptocurrencies, debit cards, and peer-to-peer payment infrastructure.
On joining, Forbes said, "I look forward to creating the world's safest haven for physical investment hedge positions. Through our partnership with the State of Texas, we aim to eliminate counter-party and cross-collateralization risks endemic to fractional reserve banking institutions today."
Matt Ferris, President of Lone Star Tangible Assets, the operator of the Texas Bullion Depository, said, "Sean's experience leading innovative organizations in the security and technology sectors has uniquely prepared him for this position. We are excited for Sean to serve in this leadership role as we continue our partnership with the State of Texas to offer unparalleled levels of security and service to depositors."
Forbes is an active investor and previously served as CEO and board member of technology companies spanning big data analytics, customer relationship management software, healthcare technologies and Special Forces training services. He has served on the board of Lone Star Tangible Assets since 2013.
Forbes began his career as a Private Equity Consultant with Bain & Company in Boston and Moscow after serving as a decorated Surface Warfare Officer in the United States Navy. He graduated with a BS degree in Mechanical and Aerospace Engineering from Cornell University and has an MBA from Harvard.
SOURCE Texas Bullion Depository
