In an impressive display of determination amidst the ongoing legal battle with the United States Securities and Exchange Commission (SEC), Ripple, a leader in the blockchain payments sector, has made significant strides in widening its regulatory capacity in the United States.
Ripple recently acquired financial institution Fortress Blockchain Technologies, a move that not only solidifies its presence in the blockchain industry but also grants the company an additional regulatory license. This acquisition, which brings the number of Ripple’s licenses to over 30, marks a remarkable achievement for the company despite the challenges it faces.
Another Regulatory License Unlocked
With the acquisition of Fortress Blockchain Technologies, Ripple gains access to a sought-after Nevada Trust License. This license provides Ripple with the opportunity to extend its services to customers and businesses within the state of Nevada, which has a population of approximately 3.1 million residents.
What makes this acquisition particularly noteworthy is Nevada’s reputation for being one of the most crypto-friendly jurisdictions in the United States. By prioritizing the acquisition of a license in Nevada, Ripple demonstrates its commitment to expanding its reach within a receptive and supportive regulatory environment.
A Powerful Enabler for Ripple’s Offerings
Monica Long, the president of Ripple, has described these licenses as a “powerful enabler” for the company’s products and services.
In the report, she expressed her optimism regarding the recent acquisition, highlighting the potential it presents to enhance the current customer experience and explore new and complementary products.
By strategically acquiring licenses in various jurisdictions, Ripple not only demonstrates its dedication to regulatory compliance but also positions itself as a leader in the blockchain industry.
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Ripple’s acquisition of Fortress Blockchain Technologies serves as the company’s second major acquisition within five months. In May, Ripple acquired Metaco, a firm specializing in crypto custody services, for a reported $250 million.
While the acquisition of Metaco focused on digital asset custody, the Fortress acquisition seems to emphasize fiat onramps, given Ripple’s emphasis on the Nevada Trust License. Furthermore, Fortress is renowned for its enterprise blockchain tokenization capabilities, a field that aligns with Ripple’s strategic goals.
Expanding Ripple’s Reach across the United States
Ripple’s commitment to regulatory compliance is evident through the numerous licenses it holds across various US states. In addition to the recent win, Ripple has obtained Money Transmitter Licenses in prominent states such as California, New York, Texas, Florida, Colorado, Kansas, and New Mexico. This extensive list of licenses showcases Ripple’s comprehensive approach to establishing a strong presence in the United States.