Ripple Expands Acquisition Strategy with Fortress Trust Purchase Following $250M Metaco Deal

Ripple Acquires Blockchain Infrastructure Firm Fortress Trust

Ripple has made another acquisition, this time acquiring Fortress Trust, a blockchain infrastructure company. The announcement was made via email, although specific financial details were not disclosed. However, sources familiar with the matter stated that the acquisition cost was lower than the $250 million Ripple spent on Swiss custody firm Metaco earlier this year. With this acquisition, Ripple expands its regulatory license portfolio to include Nevada, in addition to its existing licenses in New York and other US states.

Ripple CEO Brad Garlinghouse expressed his confidence in Fortress Trust, stating that they have built an impressive business with a strong customer base.

Fortress Trust, founded by Scott Purcell, provides financial and regulatory frameworks for blockchain companies. Ripple’s President, Monica Long, sees this acquisition as a strategic move to strengthen Ripple’s position as a leading blockchain platform for enterprises.

Ripple Remains Strong Amid Legal Battle

Despite its ongoing legal dispute with the US Securities and Exchange Commission (SEC), Ripple continues to make strategic moves. Ripple’s recent acquisition of Fortress Trust has likely boosted confidence within the XRP community. In an interview, Ripple’s co-founder, Chris Larsen, highlighted the SEC’s failure to meet its goals in the case and emphasized the significance of the outcome for both Ripple and the broader crypto market.

Pro-XRP lawyer John Deaton believes that the SEC’s case has had a negative impact on XRP, even after a court ruled in favor of the cryptocurrency. Deaton suggested that a potential settlement is possible if the judge approves Coinbase’s dismissal request, which would limit the SEC’s appeal options. The case is scheduled for trial in 2024.

Hot Take:

Ripple’s latest acquisition of Fortress Trust demonstrates its determination to expand its capabilities and strengthen its market position. Despite the ongoing legal battle with the SEC, Ripple remains resilient and focused on achieving its goals. This acquisition not only adds to Ripple’s regulatory licenses but also enhances its ability to serve as a leading platform for enterprises in the blockchain industry. As Ripple continues to navigate the legal landscape, the outcome of the case will undoubtedly have far-reaching implications for both Ripple and the broader crypto market.