Ripple Acquires Nevada-Based Trust Company Fortress Trust
Ripple has acquired Fortress Trust, a Nevada-based chartered trust company, to strengthen its presence in the blockchain industry. The acquisition adds to Ripple's regulatory licenses and expands its services for enterprises in the crypto space.
Posted 10 months ago in Blockchain
Blockchain firm Ripple has acquired Fortress Trust, a Nevada-based chartered trust company with a focus on cryptocurrencies and Web3 technology. The financial terms of the acquisition were not disclosed. The acquisition of Fortress Trust adds Nevada to Ripple's list of regulatory licenses, which already includes a New York BitLicense and money transmitter licenses in 30 U.S. states.
Fortress Trust, formed by Scott Purcell, provides financial and regulatory structure for blockchain companies. Purcell previously served as CEO of crypto custodian Prime Trust. Ripple declined to disclose further details about the acquisition.
Monica Long, Ripple's president, stated that the acquisition aligns with the company's goal of becoming the leading solution for enterprises seeking to convert, store, and transfer value on the blockchain.
Ripple's acquisition of Fortress Trust comes after the company became a minority investor in its parent company Fortress Blockchain Technologies in August 2022 as part of a seed round investment.
This acquisition further strengthens Ripple's position in the blockchain and cryptocurrency industry and expands its suite of services for enterprise clients.
Last updated 9/9/2023, 5:16:42 PM
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