Fintech company Ripple is expand According to a Sept. 8 announcement, the company acquired a portfolio of US regulatory licenses through the acquisition of Fortress Trust.
Fortress Trust provides regulatory and technical infrastructure for blockchain organizations. The company holds a Nevada trust license, which allows it to custody financial assets.The acquisition is in addition to Ripple’s 30+ licenses hold As a nationwide money transmission agency, along with New York’s BitLicense, is required to operate digital currency businesses in the state.
“Licenses are powerful enablers for building and delivering best-in-class customer experiences for businesses,” said Ripple President Monica Long. According to Ripple’s announcement, the technology and licenses held by the Fortress Trust complement its business and product roadmap
Ripple first invested in the company in 2022 through a seed round. The latest transaction amount and other financial terms were not disclosed.
Today, we announced our intention to acquire Fortress Trust, a @Fortress_io Corporate kit. Fortress Trust’s financial and regulatory infrastructure complements and extends Ripple’s comprehensive portfolio of financial blockchain solutions. https://t.co/LIl3cPEur2
— Ripple (@Ripple) September 8, 2023
“As an early investor in Fortress Blockchain Technologies, we had the opportunity to learn about the team, their vision and technology. Since launching in 2021, they have built an impressive business with recurring revenue and strong crypto-native customers and cryptocurrency rookie list,” said Ripple CEO Brad Garlinghouse.
Ripple has been ramping up transactions during the bear market. In May, the company announced the acquisition of Metaco, a Swiss digital asset custody and tokenization provider, for $250 million. Ripple exec predicted in January a wave of acquisitions in the cryptocurrency space in 2023 will help the company fill gaps in capabilities
The announcement shows that Ripple plans to invest in Fortress Blockchain Technologies, the parent company of Fortress, and its subsidiary FortressPay services. Ripple claims to operate in more than 55 countries and provide payment services through blockchain technology.
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