Ripple buys Fortress Trust and adds more licenses in the US
Fortress is authorized as a Nevada Trust to store client funds. Throughout the United States, Ripple has obtained over 30 licenses.
The financial technology company Ripple announced on September 8 that it has acquired Fortress Trust in order to increase its portfolio of regulatory licenses in the United States.
Fortress Trust is a blockchain company that offers regulatory and technological infrastructure. The firm is authorized to store client funds thanks to its Nevada Trust license. 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.
Monica Long, the president of Ripple, said, “Licenses are a powerful way for business to develop and deliver best-in-class customer experiences.” Ripple has said that Fortress Trust’s license and technology are a good fit with the company’s future plans.
A seed round of funding was completed by Ripple in 2022. No information on the quantities or financial conditions of the recent transactions was shared.
Since we were an early investment in Fortress Blockchain Technologies, we have been familiar with the company’s leadership, goals, and infrastructure. Since their inception in 2021, they have built a remarkable business with recurring revenue and a strong roster of crypto-native and new-to-crypto customers, according to Ripple CEO Brad Garlinghouse.
Despite the financial downturn, Ripple business activity has increased. The Swiss digital asset custodian and tokenization firm Metaco was acquired by the corporation in May for $250 million. In January, a Ripple official predicted that there will be a flurry of mergers and acquisitions in the cryptocurrency industry in 2023.
According to the release, Ripple will invest in Fortress Blockchain Technologies, the parent business, as well as its subsidiary, FortressPay services.