In a strategic step to strengthen its operations in
blockchain and crypto payments solutions, Ripple has announced its acquisition
of Fortress Trust, a subsidiary of Fortress Blockchain Technologies. The
partnership targets enterprises with blockchain, conversion, storage, and value
transfer sectors.
Fortress Trust is a
licensed Web 3 financial institution specializing in regulatory compliance and
technology infrastructure for blockchain companies. Its acquisition follows
closely on Ripple’s recent deal to acquire Metaco, a crypto custody provider,
for USD $250 million.
Brad Garlinghouse, the
CEO of Ripple, said: “As an early investor in Fortress Blockchain
Technologies, we have had a chance to get to know the team, its vision, and
technology. Since their launch in 2021, they have built an impressive business
with recurring revenue and a strong roster of both crypto-native and
new-to-crypto customers.”
With the acquisition of
Fortress Trust, Ripple’s portfolio of regulatory licenses has increased.
Fortress Trust holds a Nevada Trust License, which adds to Ripple’s existing
licenses, including a NY BitLicense and over 30 Money Transmitter Licenses
across the US. Ripple
