Ripple has acquired Fortress Trust, a financial institution that offers licensed Web3 financial, regulatory, and technology infrastructure tailored for blockchain companies.
Additionally, Ripple has purchased the Fortress Blockchain Technologies subsidiary for an undisclosed amount. Fortress Trust’s technology and licensing are designed to cater to the expanding enterprise crypto market. This move follows Ripple’s recent acquisition of crypto custody provider Metaco for $250 million.
Fortress Trust also possesses a Nevada Trust license, which complements Ripple’s NY BitLicense, over 30 Money Transmitter Licenses across the United States, and an in-principle Major Payment Institution License in Singapore.
Monica Long, president of Ripple, stated: “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. Acquiring Fortress Trust affords us a lot of optionality to both improve the current customer experience in our existing products and explore new, complementary products – all in service of becoming the one-stop shop for enterprises looking to convert, store, and move value on blockchain around the world.”