- Ripple has said that Fortress Trust’s licensing and technology are a good fit.
- No information on the financial details of the recent transactions was shared.
Ripple announced on September 8 that it plans acquisition of Fortress Trust in order to increase its portfolio of regulatory licenses in the U.S. Fortress Trust’s mission is to serve as the regulatory and technological backbone for blockchain enterprises.
Moreover, the firm is licensed as a Nevada Trust, which permits it to act as a custodian for clients’ funds. Also, this purchase comes on top of Ripple’s existing portfolio of over 30 state money transmitter licenses and New York’s mandatory BitLicense for digital currency enterprises.
Speeding Up Expansion
Furthermore, Ripple has said that Fortress Trust’s licensing and technology are a good fit with the company’s future plans. In 2022, Ripple made its first investment in the startup via a seed round. No information on the financial details of the recent transactions was shared.
Brad Garlinghouse, CEO of Ripple stated:
“As an early investor in Fortress Blockchain Technologies, 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.”
Despite the market downturn, Ripple has been speeding up its expansion. The business spent $250 million to buy Swiss digital asset custodian and tokenization vendor Metaco in May. Also, in January, a Ripple official projected that there will be a flurry of mergers and acquisitions in the cryptocurrency industry in 2023.
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