Ripple Expands Regulatory Licenses with Acquisition of Fortress Trust
Ripple, the financial technology firm, has announced its acquisition of Fortress Trust, a move that expands its portfolio of regulatory licenses in the United States. Fortress Trust provides regulatory and technology infrastructure for blockchain organizations, holding a Nevada Trust license that allows it to custody financial assets. This acquisition adds to the more than 30 licenses Ripple already holds across the country as a money transmitter, including a BitLicense in New York. Ripple sees licenses as a powerful tool to enhance customer experiences for enterprises. The technology and licensing held by Fortress Trust align with Ripple’s business and product roadmap. Ripple initially invested in Fortress Trust in 2022, and the financial details of the recent transaction were not disclosed.
Hot Take
Ripple’s acquisition of Fortress Trust demonstrates its commitment to expanding its regulatory licenses in the United States. By adding Fortress Trust’s technology and licensing to its portfolio, Ripple aims to provide enhanced services for its enterprise customers. This move aligns with Ripple’s strategy of investing in companies to fill gaps in its capabilities within the crypto space. As the bear market persists, Ripple continues to accelerate deals and acquisitions, positioning itself for growth in the industry.
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