Ripple’s acquisition of Fortress Trust adds to company’s regulatory licenses

cyptouser6 months agoSpot Exchanges173


Ripple has reportedly completed its acquisition of web3-focused company Fortress Trust for an undisclosed sum.

On Sept. 6, the crypto company revealed that it had agreed to purchase the Nevada-based chartered trust company. According to the press statement, the acquisition would further complement Ripple’s business and product roadmap.

The acquisition broadens Ripple’s regulatory licenses, including the addition of a Nevada license to its current holdings, such as the New York BitLicense and money transfer licenses across 30 U.S. states.

The purchase aligns with Ripple’s expansion plans, which have been positively influenced by a partial victory they secured against the U.S. Securities and Exchange Commission. Earlier in the year, the crypto payment company completed a  $250 million deal, making it the sole shareholder of Swiss-based crypto custody firm Metaco.

Ripple to leverage on Fortress Trust’s technology

This strategic move enables Ripple to tap into Fortress Trust’s technology, licensing, and infrastructure, enhancing its ability to serve the growing crypto market.

Fortress Trust, founded by financial industry veteran Scott Purcell, specializes in providing financial and regulatory infrastructures for blockchain companies. Notably, Ripple was already a minority investor in Fortress Blockchain, the parent company of Fortress Trust, having participated in the company’s seed funding round in August 2022.

Ripple CEO Brad Garlinghouse noted that Fortress Trust had built an impressive business with recurring revenue and a strong roster of crypto-native and new-to-crypto customers since its launch in 2021. He added:

“We’re excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.”

The crypto company’s president, Monica Long, stated that the acquisition would help it “to build and deliver best-in-class customer experiences for enterprises using its crypto infrastructure across our payments and liquidity solutions.”

Fortress Blockchain CEO Scott Purcell said the purchase was a testament to the team and business they built within a short period. 


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

SEC moves to appeal Ripple’s earlier victory

The U.S. Securities and Exchange Commission (SEC) moved to file an interlocutory appeal against Ripp...

Ripple legal chief says Terra ruling does not change XRP’s status

Ripple Chief legal officer Stuart Alderoty has poured cold water on notions that the ruling in the S...

Ripple legal chief refutes immediate SEC right to appeal pivotal XRP ruling

Ripple legal chief refutes immediate SEC right to appeal pivotal XRP ruling

Ripple (XRP) chief legal officer Stuart Alderoty said the U.S. Securities and Exchange Com...

Palau to discontinue dollar-based stablecoin two months after launch

Palau will end the pilot program of its U.S. Dollar-backed stablecoin efforts later this month, acco...