Ripple acquires Fortress Trust and expands its license portfolio in the US
Financial technology company Ripple is expanding its regulatory license portfolio in the United States by acquiring Fortress Trust, according to an announcement dated September 9. 8. Fortress Trust provides regulatory and technological infrastructure for blockchain organizations. The company has a Nevada state trust license that allows it to own financial assets. The acquisition complements the more than 30 licenses that Ripple has as a means of transferring money across the country and the BitLicense license in New York, which is required by companies operating in the field of digital currencies in the state. Licenses are a powerful way to create and provide businesses with the best-in-class customer experience, said Monica Long, Ripple's president. According to Ripple's announcement, Fortress Trust's technologies and licenses complete the roadmap of its business and products. Ripple invested in the company for the first time in 2022 as part of the first round. The final transaction amounts and other financial terms were not disclosed. Today we are announcing our intention to acquire Fortress Trust, part of the @Fortress_io group of companies. Fortress Trust's financial and regulatory infrastructure complements and expands Ripple's extensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2 As one of the first investors in Fortress blockchain technology, we had the opportunity to get to know the team, its vision and technology. since their launch in 2021, they have built an impressive business with a strong staff in terms of continuous revenue & crypto-native customers and new crypto customers, said Brad Garlinghouse, Ripple's CEO. Ripple accelerated deals in the middle of the bear market. In May, the company announced the acquisition of Swiss digital asset and tokenization provider Metaco for $ 250 million. In January, Ripple's executive director predicted that a wave of acquisitions will take place in the crypto space in 2023, which will cause companies to fill capacity gaps. Ripple has said that it plans to invest in Fortress' parent company Fortress Blockchain Technologies and its subsidiary FortressPay services. Ripple claims to be present in more than 55 countries and offers paying services using blockchain technology.Magazine: Deposit risk: What are crypto exchanges really doing to your money?