Crypto news

Ripple boosts US license portfolio with Fortress Trust acquisition.

Ripple expands its US regulatory licenses by acquiring Fortress Trust, a financial technology firm, as announced on September 8.

Fortress Trust specializes in providing regulatory and technology infrastructure for blockchain organizations and holds a Nevada Trust license,

enabling it to custody financial assets.

This acquisition adds to Ripple’s existing portfolio of over 30 licenses across the United States as a money transmitter,

including a BitLicense required for digital currency businesses operating in New York.

Monica Long, President at Ripple, emphasized the significance of licenses in enabling the development of exceptional customer experiences for enterprises.

Ripple’s announcement highlights that Fortress Trust’s technology and licensing align with their business and product roadmap.

Ripple’s initial investment in Fortress Trust took place in 2022 through a seed round,

while specific financial terms of the recent transaction were not disclosed.

Brad Garlinghouse Said :

“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,”

In the midst of a bear market, Ripple continues to forge ahead with strategic partnerships and acquisitions.

One notable acquisition took place in May when the company acquired Metaco, a Swiss digital asset custodian and tokenization provider, for $250 million.

As early as January, a Ripple executive had predicted a surge in acquisitions within the crypto industry in 2023, as companies sought to bridge gaps in their capabilities.

According to the recent announcement, Ripple intends to invest in Fortress Blockchain Technologies, the parent company of Fortress Trust, as well as in its affiliated firm, FortressPay services.

Ripple boasts a global presence, operating in more than 55 countries, and offering blockchain-based payout services.

This latest move by Ripple signifies its ongoing commitment to expanding its network and capabilities through strategic investments and partnerships, further solidifying its position in the crypto industry.

Related Articles

Back to top button
WP Twitter Auto Publish Powered By : XYZScripts.com