Ripple Acquires Blockchain Infrastructure Firm Fortress Trust
Ripple has made another acquisition, this time acquiring Fortress Trust, a blockchain infrastructure company. The notice wasย created via email, although specific financial details were not disclosed. Nonetheless, sources familiar with the matter stated that the acquisition cost was lower than the $250 Million Ripple spent on Swiss custody firm Metaco earlier inย theย year. With this acquisition, Ripple expands its regulatory license portfolio to include Nevada, in addition to its existing licenses in New York and other Unitedย States 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, established by Scott Purcell, provides financial and regulatory frameworks for blockchain corporations. Rippleโs President, Monica Long, sees this acquisition as a strategic move to strengthen Rippleโs position as a leading blockchain platform for enterprises.
Ripple Remains Strong Amid Legal Battle
Regardlessย of its ongoing legal dispute with the Unitedย States Securities and Exchange Commission (SEC), Ripple continuesย to make strategic moves. Rippleโs recent acquisition of Fortress Trust has likely boosted confidence within the XRPย Rippleย (XRP) community. In an interview, Rippleโs co- founder, Chris Larsen, highlighted the SECโs failure to meet its goals in the case and emphasized the significance of the outcome for both Ripple and the broader cryptocurrency market.
Pro- XRPย Rippleย (XRP) lawyer John Deaton believes that the SECโs case has had a negative impact on XRPย Rippleย (XRP), even after a court ruled in favor of the digitalย currency. Deaton suggested that a probable settlement is possible if the judge approves Coinbaseโs dismissal request, which would limit the SECโs appeal alternatives. The case is scheduled for trial in 2024.
Hot Take:
Rippleโs latest acquisition of Fortress Trust demonstrates its determination to expand its capabilities and strengthen its market position. Regardlessย of the ongoing legal battle with the SEC, Ripple remains resilient and focused on achieving its goals. This acquisition not only adds to Rippleโs regulatory licenses but likewise enhances its capacity to serve as a leading platform for enterprises in the blockchain industry. As Ripple continuesย to navigate the legal landscape, the outcome of the case will undoubtedly have far-reaching implications for both Ripple and the broader cryptocurrency market.
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