Ripple to Acquire Fortress Trust: Expanding Crypto Infrastructure and Regulatory Licenses
Ripple announces the acquisition of Fortress Trust, a financial institution specializing in Web3 financial infrastructure. This acquisition will expand Ripple's regulatory licenses and accelerate their business in key areas of crypto infrastructure.
Posted 2 months ago in Blockchain
San Francisco-based blockchain firm Ripple has announced an agreement to acquire Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technological infrastructure. The acquisition will also expand Ripple's portfolio of regulatory licenses since Fortress Trust holds a Nevada Trust license. This adds to Ripple’s existing set of regulatory approvals, which span multiple jurisdictions including in the US as well as Singapore.
Ripple became a minority investor in Fortress Blockchain Technologies, the parent company of Fortress Trust, in 2022. CEO Brad Garlinghouse stated that through this investment, Ripple had already developed familiarity with the team and business model of Fortress Trust. The acquisition is aimed at accelerating Ripple's business in key areas of crypto infrastructure.
Fortress Trust specializes in providing a robust financial infrastructure for digital companies, offering services such as IRA services, asset custody, payment processing, compliance management (KYC and AML), crypto liquidity, and asset security.
This acquisition is part of Ripple's strategy to diversify its revenue streams and extend its global presence beyond the US market. Earlier this year, Ripple acquired Swiss-based crypto custody provider Metaco to enhance its capabilities in tokenized asset custody, issuance, and settlement.
Last updated 9/9/2023, 2:27:58 AM
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