Ripple acquires crypto-focused chartered company Fortress Trust

September 09, 2023 02:25 AM AEST | By Invezz
Follow us on Google News:

Ripple has acquired Fortress Trust, a chartered trust company and financial institution focused on cryptocurrencies.

The news follows the enterprise crypto company’s recent announcement that it had agreed the acquisition for the Web3 provider. According to the US-based blockchain company behind the XRP cryptocurrency, the acquisition of Fortress Trust comes hot on the heels of the major coup that saw it snap up crypto custody company Metaco.

Acquisition gives Ripple “a lot of optionality”

Fortress Trust is regulated in Nevada, holding a Nevada Trust license. This means Ripple has added to its portfolio of licensed subsidiaries. Among these, the company has a New York BitLicense and over 30 Money Transmitter Licenses in multiple US states. Ripple also holds an in-principle Major Payment Institution License issued by the Monetary Authority of Singapore.

Monica Long, President at Ripple, said in a press release:

“Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises using Ripple’s crypto infrastructure across our payments and liquidity solutions.”

According to Long, the acquisition gives Ripple “a lot of optionality” towards improvement of current customer experiences across the company’s existing products. The deal also means Ripple has a new channel to “explore new, complementary products” as it bids to grow its presence for enterprises worldwide.

Ripple did not disclose the financial terms of the deal. However, the San Francisco-based company is reported to have purchased Fortress Trust at an amount significantly lower than the $250 million that was needed to buy Metaco in May this year.

The deal is set to include an investment in Fortress Blockchain Technologies, the Fortress Trust parent company in which Ripple holds a minority stake after participating in its seed funding in 2022. Also poised to receive capital injection is FortressPay services.

The post Ripple acquires crypto-focused chartered company Fortress Trust appeared first on Invezz.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK