Ripple Expands With Fortress Trust Acquisition
Date
9/8/2023 11:03:25 PM
(MENAFN- CoinXposure)
According to an announcement made on September 8, the financial technology company Ripple is expanding its portfolio of regulatory licenses in the United States through the Acquisition of Fortress Trust.
Fortress Trust provides blockchain organizations with regulatory and technological infrastructure. The company's Nevada Trust license allows it to retain financial assets in custody.
The acquisition is in addition to the more than thirty licenses Ripple possesses across the country as a money transmitter, as well as a BitLicense in the state of New York, which is reserved for businesses that deal in virtual currencies.
“Licenses are a powerful enabler for building and delivering best-in-class customer experiences for enterprises,” said Ripple's president, Monica Long.
According to Ripple's announcement, the technology and licensing held by Fortress Trust complement its business and product roadmap.
In 2022, Ripple made its initial investment in the company via a pilot round. The quantities and other financial terms of recent transactions were not disclosed.
As an early investor in Fortress Blockchain Technologies, we've had the opportunity to familiarize ourselves with the team, its vision, and its technology.
Since their inception in 2021, they have built an impressive business with recurring revenue and a strong roster of crypto-native and new-to-crypto customers, according to Ripple CEO Brad Garlinghouse.
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Ripple has accelerated transactions despite the bear market. In May, the company announced the $250 million acquisition of Swiss digital asset custodian and tokenization provider Metaco.
A Ripple executive predicted in January that the crypto space would experience a wave of acquisitions in 2023, allowing companies to address capability gaps.
The announcement reveals that Ripple intends to invest in Fortress' primary company, Fortress Blockchain Technologies, and its subsidiary, FortressPay Services.
Ripple asserts that it is present in more than 55 countries and offers payment services using blockchain technology.
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