Ripple is on a roll with its acquisition strategy as it announced the purchase of Fortress Trust, a blockchain infrastructure firm. This move follows acquisitions for Ripple, including its $250 million investment in Swiss custody startup Metaco and a stake in the cryptocurrency exchange Bitstamp, Ripple said in a statement.
“Fortress Trust is a financial institution that provides licensed Web3 financial, regulatory and technology infrastructure for blockchain innovators… Through its technology and licensing, Fortress Trust provides critical infrastructure to address the growing enterprise crypto market that complements Ripple’s business and product roadmap,” Ripple said.
The acquisition broadens Ripple’s array of regulatory licenses. As a subsidiary of Fortress Blockchain Technologies holding a Nevada Trust License, Fortress Trust provides essential infrastructure services to enterprise-level cryptocurrency clients.
“With this acquisition, Ripple’s growing portfolio of regulatory licenses expands, as Fortress Trust holds a Nevada Trust license. Ripple and its other subsidiaries collectively hold a NY BitLicense, more than 30 Money Transmitter Licenses across the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore, the country’s Central Bank,” Ripple added.
Ripple initially became a minority investor in Fortress’s parent company in 2022 through its $22.5 million seed round, with Ayon Capital leading the investment. Following the acquisition announced today, Ripple intends to further invest in Fortress and its FortressPay services, which will now integrate Ripple’s advanced payment technology.
Brad Garlinghouse, Ripple’s CEO, shared his perspective on the deal: “As early investors in Fortress Blockchain Technologies, we’ve had the opportunity to familiarize ourselves with the team, their vision, and technology. Since their inception in 2021, they have built an impressive business with consistent revenue and a substantial clientele, including both crypto-native and newcomers to the crypto space.”
