Ripple Wins New License To Widen Regulatory Capacity

Adedoyin Aka — Mon, 11 Sep 2023 19:00:05 +0000

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.

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The post Ripple Wins New License To Widen Regulatory Capacity appeared first on Times Tabloid.

Ripple Makes Strides in Expanding its Regulatory Reach with Fortress Trust Acquisition

Adedoyin Aka — Sat, 09 Sep 2023 07:20:40 +0000

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.

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.

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.