Ripple announced on Friday that it intends to acquire Nevada-based Fortress Trust—a Web3-focused financial, regulatory, and technology infrastructure provider.

“They’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers,” says Brad Garlinghouse, CEO of Ripple, in a press release. “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.”

The acquisition follows Ripple’s entry into Fortress as a minority shareholder in August 2022, when it invested in the company’s seed round. It also comes after the company’s $250 million acquisition of Swiss tokenization firm Metaco, another crypto custodian. 

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Author: Andrew Throuvalas

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