Ripple Expands with Acquisition of Fortress Trust
Ripple, a blockchain firm, has increased its reach by acquiring Fortress Trust, a Nevada-based chartered trust company specialized in cryptocurrency and Web 3.0 technologies. This strategic move adds to Ripple’s existing regulatory licenses across numerous United States states, including the New York BitLicense and money transmitter licenses in 30 states.
The financial details of the acquisition were not disclosed, but it is well-known to be less than the $250 Million Ripple spent on acquiring custody firm Metaco in May. By acquiring Fortress Trust, Ripple obtains a regulatory license in Nevada, further strengthening its position in the regulatory landscape.
Interestingly, this is not Ripple’s first involvement with Fortress Trust as it became a minority investor in the trust company’s parent organization, Fortress Blockchain Technologies, in August 2022. The implications of this previous investment in relation to the acquisition remain unclear.
Ripple’s acquisition of Fortress Trust bolsters its regulatory standing and expands its presence in the cryptocurrency and Web 3.0 technology space. With the addition of a Nevada regulatory license, Ripple solidifies its commitment to compliance and paves the way for further growth in the United States market.
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