Ripple, the popular blockchain payments company, has recently closed its acquisition of Fortress Trust, a company specializing in regulatory compliance services. This acquisition will further enhance Ripple’s portfolio of regulatory licenses, allowing them to meet the strict compliance requirements of the financial industry. With this move, Ripple strengthens its position as a trusted and regulated player in the blockchain industry.
Ripple Completes Acquisition of Fortress Trust to Expand Its Business
Ripple, a leading enterprise crypto company, has recently finalized the acquisition of Fortress Trust, a web3-focused company based in Nevada. This strategic move aims to enhance Ripple’s business and product roadmap, further solidifying its position in the crypto market.
The acquisition of Fortress Trust allows Ripple to broaden its regulatory licenses, adding a Nevada license to its existing portfolio, which includes the prestigious New York BitLicense and money transfer licenses across 30 U.S. states. This expansion of regulatory licenses positions Ripple as a trusted player in the crypto industry and opens up new opportunities for growth.
This acquisition is part of Ripple’s overall expansion plans, which have been bolstered by recent victories against the U.S. Securities and Exchange Commission. Earlier this year, Ripple successfully completed a $250 million deal to acquire Metaco, a Swiss-based crypto custody firm. This acquisition added significant value to Ripple’s offerings and strengthened its position as a comprehensive crypto infrastructure provider.
A key aspect of the Fortress Trust acquisition is the access it gives Ripple to the company’s technology, licensing, and infrastructure. Fortress Trust specializes in providing financial and regulatory infrastructures for blockchain companies. As a minority investor in Fortress Blockchain, the parent company of Fortress Trust, Ripple has already recognized the potential of this technology and its ability to serve the growing crypto market.
Brad Garlinghouse, the CEO of Ripple, expressed his excitement about bringing Fortress Trust and its technology into the Ripple ecosystem. He acknowledged Fortress Trust’s impressive business growth since its launch in 2021, with a strong customer base and recurring revenue. Garlinghouse emphasized that the acquisition would accelerate Ripple’s business and strengthen its advantage in critical areas of crypto infrastructure.
Monica Long, the president of Ripple, emphasized that the acquisition would enable Ripple to provide best-in-class customer experiences for enterprises using its crypto infrastructure. This aligns with Ripple’s mission to deliver innovative solutions in payments and liquidity to its clients.
Scott Purcell, the CEO of Fortress Blockchain, sees the acquisition as a testament to the outstanding team and business they have built within a short period. This acquisition validates their expertise in providing financial and regulatory infrastructures for the blockchain industry.
In conclusion, Ripple’s acquisition of Fortress Trust adds to the company’s regulatory licenses and enhances its ability to serve the growing crypto market. This strategic move further strengthens Ripple’s position as a leading enterprise crypto company and expands its business offerings. With the addition of Fortress Trust’s technology and expertise, Ripple is well-positioned to deliver exceptional solutions to its clients in the evolving crypto landscape.
Source: [Ripple’s acquisition of Fortress Trust adds to company’s regulatory licenses](https://cryptoslate.com/ripples-acquisition-of-fortress-trust-adds-to-companys-regulatory-licenses/) – CryptoSlate