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Ripple acquires Fortress Trust and expands licensing portfolio in the United States

According to the announcement dated September 8; Fluctuationfinancial technology company expanding Regulatory licensing portfolio in the United States With the acquisition of Fortress Trust.

Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company is licensed Nevada Trust this allows it to store financial assets. This acquisition adds to the 30+ licenses Ripple owns amount As a nationwide money transmitter BitLicense in New YorkRequired for digital currency companies operating in the state.

“Licensing is a powerful tool for businesses to create and deliver world-class customer experiences.”Announced Monica LongChairman of Ripple. According to Ripple’s statement, Fortress Trust’s technology and licenses complement its business and product roadmap.

Ripple first invested in the company through a seed round in 2022. The amount of the latest transaction and other financial terms were not disclosed.

Today we are announcing our intention to acquire Fortress Trust, part of the group of companies @Fortress_io. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s portfolio of blockchain solutions for finance.

— Ripple (@Ripple) September 8, 2023

“As one of Fortress Blockchain Technologies’ early investors, we got to know the team, their vision and their technology. Since its launch in 2021, they have built an impressive business with steady revenue and a strong group of crypto and crypto clients alike. Locals and new”, he declared Brad GarlinghouseCEO of Ripple.

Ripple ramps up operations during a negative market period. company in May Announced the acquisition of Metacois a Swiss digital asset custodian and tokenization provider. For 250 million dollars. In January, a Ripple executive predicted that there would be a wave of acquisitions in the crypto industry in 2023, helping companies fill skills gaps.

According to the announcement, Ripple plans to invest in Fortress’ parent company. Fortress Blockchain Technologiesand its subsidiary FortressPay. Ripple claims to be present in more than 55 countries and offers payment services thanks to blockchain technology.

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