Blockchain company Ripple revealed its plans to acquire Nevada-based financial and technology infrastructure provider Fortress Trust on Friday.
Ripple Announced The Purchase Of Fortress Trust
Blockchain company Ripple revealed its plans to acquire Nevada-based financial and technology infrastructure provider Fortress Trust on Friday to strengthen its Web3 infrastructure and expand its product offerings.
Fortress Trust has established a solid customer base that includes both crypto-native and traditional finance clients. Ripple CEO Brad Garlinghouse expressed excitement about the acquisition, emphasizing the potential for accelerating Ripple's business and gaining an advantage in critical areas of crypto infrastructure.
The transaction follows Ripple's initial investment in Fortress at the company's seed round in August 2022. It also follows Ripple's recent $250 million acquisition of Swiss tokenization startup Metaco, which expanded the company's regulatory license portfolio.
Ripple's purchase of Fortress involves the addition of the Nevada Trust license to its portfolio of regulatory licenses. These licenses, according to Ripple President Monica Long, are critical in improving the user experience and bringing up new opportunities for product growth.
Fortress Trust was founded just two years ago by Scott Purcell, the former head of Nevada-based Prime Trust. Prime Trust faced regulatory issues and entered receivership in June 2022, ultimately filing for bankruptcy in August.
This follows Ripple’s partial win over the SEC over the sale of XRP as securities. The firm has also announced plans to expand in the UK and Ireland, after it has obtained a payment license in Singapore.
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