Ripple, a leading enterprise crypto company, has acquired Fortress Trust, enhancing its position in the cryptocurrency market and expanding its regulatory credentials.
- Ripple, a major enterprise crypto company, acquires Fortress Trust, a subsidiary of Fortress Blockchain Technologies.
- This acquisition follows Ripple’s recent purchase of crypto custody firm Metaco, solidifying its position in the cryptocurrency market.
- Fortress Trust’s Nevada Trust license expands Ripple’s regulatory credentials, complementing existing licenses.
- Ripple offers a wide range of services, including cross-border payments, liquidity management, tokenization, and CBDCs, serving clients across the globe.
Las Vegas-based Fortress Trust, known for its Web3 financial, regulatory, and technological solutions tailored for the blockchain sector, has been acquired by Ripple, a prominent player in enterprise blockchain and cryptocurrency services. This move follows Ripple’s acquisition of crypto custody firm Metaco, making it one of the most significant financial moves in the cryptocurrency field in 2023.*
Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2
— Ripple (@Ripple) September 8, 2023
Fortress Trust’s Acquisition
Ripple, a leading enterprise crypto company, has announced its acquisition of Fortress Trust, a subsidiary under the umbrella of Fortress Blockchain Technologies. The strategic alignment between Ripple and Fortress Trust is expected to enhance Ripple’s business and product trajectory. The acquisition comes on the heels of Ripple’s recent purchase of crypto custody firm Metaco for $250 million, making it one of the key players in the cryptocurrency market this year.
Brad Garlinghouse, CEO of Ripple, expressed his enthusiasm for the long-standing association with Fortress Blockchain Technologies and highlighted how the Fortress team has demonstrated remarkable growth in both the crypto-native and crypto-curious customer sectors since its inception in 2021. According to Garlinghouse, the acquisition strengthens Ripple’s foundational presence in the cryptocurrency world and aligns with the company’s mission to revolutionize cross-border payments.
Expanded Regulatory Credentials
With the acquisition of Fortress Trust, Ripple expands its regulatory credentials. Fortress Trust holds a Nevada Trust license, adding to Ripple’s existing licenses, which include a NY BitLicense, 30+ Money Transmitter Licenses across the U.S., and a preliminary Major Payment Institution License sanctioned by the Monetary Authority of Singapore.
Monica Long, President of Ripple, emphasized the importance of these licenses in delivering prime customer experiences and positioning Ripple as a comprehensive solution for enterprises venturing into blockchain-based value transactions worldwide.
Ripple’s Extensive Service Offerings
Ripple, initially targeting the multi-trillion-dollar cross-border payment market using blockchain and digital assets, has continuously evolved its service offerings. In addition to cross-border payments, Ripple now provides liquidity management, tokenization, and Central Bank Digital Currencies (CBDCs). The company serves hundreds of clients across 55 countries and six continents, with payout capabilities in over 70 markets.
Scott Purcell, CEO of Fortress Blockchain Technologies, expressed optimism for the future, applauding the acquisition as a testament to the progress his team has made in a short period. Ripple’s previous investments in Fortress Blockchain Technologies in 2022 laid the foundation for this acquisition. Ripple envisions further investment in Fortress Blockchain Technologies and its subsidiary, FortressPay services, pending due diligence and regulatory clearance.
*Ripple’s acquisition of Fortress Trust marks another significant development in the cryptocurrency world. With an expanded range of services and strengthened regulatory credentials, Ripple is well-positioned to lead the way in blockchain-based value transactions globally.*