Ripple to Acquire Cryptocurrency Infrastructure Startup Fortress Trust, Expanding Beyond Payments
Ripple, a digital currency company known for its cross-border payments, has announced its acquisition of Fortress Trust, a startup specializing in cryptocurrency infrastructure. The deal will give Ripple a license in Nevada and allow it to diversify its offerings beyond blockchain-enabled payments. The terms of the deal were not disclosed. Fortress Trust, established in 2021 by Scott Purcell, aims to help large enterprises in interacting with digital currencies. Ripple’s existing partners include Modulr, Nium, and SBI Remit. Ripple utilizes XRP Ripple (XRP), a digital currency it owns a whole lot of portion of, for cross-border payments. The company has faced challenges, including a lawsuit from the United States Securities and Exchange Commission alleging XRP Ripple (XRP) as a security. Nonetheless, a recent ruling deemed XRP Ripple (XRP) “not necessarily a security on its face.” This acquisition comes after Ripple’s purchase of cryptocurrency custody services provider Metaco in May.
Ripple Expands with Acquisition of Fortress Trust
Ripple has announced its acquisition of Fortress Trust, a cryptocurrency infrastructure startup, allowing the company to broaden its services beyond cross-border payments. The deal includes a license in Nevada, expanding Ripple’s regulatory permits. Fortress Trust, established by Scott Purcell, assists large enterprises in navigating digital currencies. Ripple, known for its blockchain-based messaging system, partners with corporations like Modulr, Nium, and SBI Remit. Ripple uses XRP Ripple (XRP), its own digital currency, for cross-border payments. The company has faced legal challenges, including a lawsuit from the United States Securities and Exchange Commission regarding XRP’s classification as a security. Nonetheless, a recent ruling favored Ripple by stating that XRP Ripple (XRP) is “not necessarily a security on its face.” This acquisition comes after Ripple’s previous purchase of cryptocurrency custody services provider Metaco in May.
Ripple’s acquisition of Fortress Trust demonstrates the company’s commitment to expanding its presence in the cryptocurrency industry. By acquiring a startup specializing in cryptocurrency infrastructure, Ripple can diversify its offerings and move beyond its core focus on cross-border payments. This strategic move allows Ripple to win a license in Nevada and further strengthen its regulatory permits. Regardless of facing legal challenges in recent years, Ripple has continued to make strides in its business, particularly outside of the United States With this acquisition, Ripple intends to improve the customer experience within its payments and liquidity solutions. Overall, Ripple’s expansion efforts position the company for future growth and enable it to serve a broader range of customers and use cases in the cryptocurrency space.
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