In a move that bolsters its regulatory licensing portfolio, financial technology firm Ripple has announced the acquisition of Fortress Trust. This strategic acquisition allows Ripple to further expand its regulatory footprint in the United States, complementing the more than 30 licenses it already holds across the country.
Fortifying Regulatory Infrastructure with Fortress Trust
Fortress Trust, a provider of regulatory and technology infrastructure for blockchain organizations, boasts a coveted Nevada Trust license that grants it the ability to custody financial assets.
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This acquisition not only adds an additional license to Ripple’s repertoire but also offers complementary technology and licensing that aligns with Ripple’s business and product roadmap.
Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2
— Ripple (@Ripple) September 8, 2023
Monica Long, President at Ripple, emphasized the power of licenses as enablers to deliver exceptional customer experiences to enterprises. The addition of Fortress Trust’s licensing further empowers Ripple in its pursuit of creating robust solutions for its clientele.
Deepening Investment and Confidence with Fortress
Ripple’s involvement with Fortress Trust extends beyond this recent acquisition, as it had previously invested in the company during a seed round in 2022. Ripple CEO Brad Garlinghouse expressed Ripple’s admiration for Fortress Blockchain Technologies and its technology vision. He praised the company’s progress since its launch in 2021, citing its impressive business growth, recurring revenue, and strong client base encompassing both crypto-native and new-to-crypto customers.
Financial details surrounding the recent acquisition, including the transaction amount, have not been disclosed. However, the investment is expected to strengthen Ripple’s presence in the market and further enhance its capabilities in the blockchain industry.
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Ripple’s Momentum Amidst Market Challenges
Despite the challenging conditions of the bear market, Ripple has been actively pursuing strategic deals to augment its offerings.
In May, the company announced the acquisition of Metaco, a Swiss digital asset custodian and tokenization provider, for a sum of $250 million. Ripple’s proactive acquisition strategy has manifested the belief that 2023 would witness a flurry of acquisitions within the cryptocurrency space, aimed at bridging gaps in companies’ capabilities.
Furthermore, Ripple intends to invest in Fortress’ parent company, Fortress Blockchain Technologies, and its affiliated firm, FortressPay Services. With a presence in over 55 countries, Ripple continues to expand its global reach, leveraging blockchain technology to offer efficient payout services.
Ripple’s acquisition of Fortress Trust marks a significant step forward in its mission to solidify its regulatory standing and augment its range of licenses. With an expanding portfolio of licenses across the United States and a growing presence worldwide, Ripple is positioning itself as a key player in the financial technology space.
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