Ripple, a prominent player in the financial technology industry, has purchased Fortress Trust, a company that provides crucial regulatory and technology services to blockchain entities. This acquisition, announced on September 8, further cements Ripple’s footprint in the regulatory landscape of the U.S., given the vast sums held in IRA accounts and the influx of over $1 trillion annually.
With a Nevada Trust license in its arsenal, Fortress Trust is positioned to handle custody for financial assets. This acquisition is a significant addition to Ripple’s extensive array of licenses in the U.S., which includes over 30 money transmitter licenses and the highly sought-after BitLicense in New York.
Ripple’s president, Monica Long, emphasized the significance of these licenses, stating that they are vital in delivering top-tier customer experiences for businesses. The company believes that the capabilities offered by Fortress Trust are a perfect fit for their strategic business and product trajectory.
The relationship between Ripple and Fortress isn’t a new one. Ripple had previously shown interest in Fortress by investing in its seed round in 2022. While the exact figures of the recent transaction remain undisclosed, Ripple’s CEO, Brad Garlinghouse, lauded Fortress for its commendable progress since its inception in 2021, noting its consistent revenue stream and diverse customer base, both seasoned and newcomers to the crypto space.
This move by Ripple aligns with its aggressive approach in the bearish crypto market, evidenced by its $250 million acquisition of Metaco, a Swiss-based digital asset custodian, back in May. The company had even projected earlier in January that 2023 would be marked by a surge in crypto industry acquisitions, aiming to bridge capability gaps.
In addition to acquiring Fortress Trust, Ripple has expressed interest in further investments in Fortress Blockchain Technologies, the parent company of Fortress Trust, and its associated entity, FortressPay. Globally recognized for its blockchain-based payout services, Ripple currently operates in over 55 countries.
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