Ripple Expands Its Arsenal: Fortress Trust Joins The Acquisition Lineup

Ripple, a prominent cryptocurrency firm, has announced its acquisition of Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technology infrastructure for blockchain innovators.

With a focus on providing back-end infrastructure for payments, asset tokenization, and other services, Fortress Trust serves a wide range of clients, from Fortune 500 businesses to fintech startups, enabling them to launch and scale blockchain-based services efficiently.

Ripple Broadens Licensing Portfolio Through Fortress Trust Purchase

Ripple’s CEO, Brad Garlinghouse, expressed enthusiasm for the acquisition, highlighting the prior relationship between the two companies as early investors in Fortress Blockchain Technologies. Garlinghouse stated:

As an early investor in Fortress Blockchain, we’ve had a chance to get to know the team, its vision, and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers. We’re excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.

Per the announcement, the acquisition of Fortress Trust aligns with the company’s business and product roadmap, as the company aims to address the growing enterprise crypto market.

Ripple previously became a minority investor in Fortress Blockchain Technologies through seed funding in 2022. This acquisition follows Ripple’s recent deal to acquire Metaco, a crypto custodian, for a reported $250 million in May.

Notably, Ripple’s portfolio of regulatory licenses also expands with the acquisition of Fortress Trust, as the latter holds a Nevada Trust license.

Furthermore, Ripple and its subsidiaries possess a NY BitLicense, over 30 Money Transmitter Licenses across the United States, and an in-principle Major Payment Institution License from the Monetary Authority of Singapore.

Ripple’s president, Monica Long, emphasized the significance of

Go to Source to See Full Article
Author: Ronaldo Marquez

Did you like this?
Tip BTC Newswire with Cryptocurrency