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<p class="is-style-lead">Blockchain firm Ripple has acquired Fortress Trust, a chartered trust company in Nevada, adding to its existing roster of regulatory licenses across multiple U.S. states.</p> 
<p><a href="https://crypto.news/tag/xrp/" data-type="link" data-id="https://crypto.news/tag/xrp/" rel="noopener noreferrer nofollow">Ripple</a>, a blockchain firm, has expanded its reach with the <a href="https://ripple.com/ripple-press/leading-enterprise-crypto-company-ripple-acquires-fortress-trust/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" data-type="link" data-id="https://ripple.com/ripple-press/leading-enterprise-crypto-company-ripple-acquires-fortress-trust/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" target="_blank" rel="noopener noreferrer nofollow">acquisition</a> of Fortress Trust, a Nevada-based chartered trust company specializing in crypto and Web3 technologies.</p> 
<p>While the financial details of this transaction were not disclosed, it was reported that the amount was less than the $250 million Ripple spent on <a href="https://crypto.news/ripple-buys-controlling-interest-in-metaco-a-digital-technology-company/" data-type="link" data-id="https://crypto.news/ripple-buys-controlling-interest-in-metaco-a-digital-technology-company/" rel="noopener noreferrer nofollow">acquiring</a> custody firm Metaco in May.</p> 
<p>The acquisition serves as a strategic maneuver for Ripple in the regulatory landscape. The firm has bought a Nevada regulatory license through this deal, supplementing its existing New York BitLicense and <a href="https://ripple.com/legal/money-transfer-license/" data-type="link" data-id="https://ripple.com/legal/money-transfer-license/" target="_blank" rel="noopener noreferrer nofollow">money transmitter licenses</a> in 30 U.S. states.</p> 
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   <p lang="en" dir="ltr">Today, we are announcing intent to acquire Fortress Trust, part of the <a href="https://twitter.com/Fortress_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Fortress_io</a> suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. <a href="https://t.co/LIl3cPEur2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/LIl3cPEur2</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1700164699743048072?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 8, 2023</a> 
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<p> You might also like: <a href="https://crypto.news/xrp-to-power-more-services-in-asia-after-sbi-expands-partnership-with-ripple/" rel="noopener noreferrer nofollow"> XRP to power more services in Asia after SBI expands partnership with Ripple </a> </p> 
<p><a href="https://crypto.news/the-global-crypto-regulatory-outlook-in-2023/" data-type="link" data-id="https://crypto.news/the-global-crypto-regulatory-outlook-in-2023/" rel="noopener noreferrer nofollow">Regulatory licenses</a> are a crucial asset in the blockchain and crypto industries, given the increasing scrutiny from government bodies. Adding Nevada to its jurisdiction could potentially ease Ripple’s operations in a complex regulatory environment.</p> 
<p>Fortress Trust was founded by Scott Purcell, an industry veteran who previously served as the CEO of Prime Trust until 2020. It’s worth noting that Prime Trust was <a href="https://crypto.news/prime-trust-placed-in-receivership-amid-insolvency-risks/" data-type="link" data-id="https://crypto.news/prime-trust-placed-in-receivership-amid-insolvency-risks/" rel="noopener noreferrer nofollow">ordered into receivership</a> after Purcell’s departure. Fortress Trust offers financial and regulatory structures for blockchain companies, providing services that align with some of Ripple’s offerings.</p> 
<p>Monica Long, Ripple’s president, indicated that the acquisition aligns with Ripple’s objective of becoming a comprehensive service provider for blockchain-based financial operations.</p> 
<p> You might also like: <a href="https://crypto.news/ripple-counters-sec-says-xrp-has-intrinsic-value/" rel="noopener noreferrer nofollow"> Ripple counters SEC, says XRP has intrinsic value </a> </p> 
<p>However, it should be clarified that while the acquisition may enhance Ripple’s services, the real-world impact remains to be seen. Further details or metrics for the acquisition’s success have not been provided.</p> 
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<p>The acquisition wasn’t Ripple’s first interaction with Fortress Trust; it became a minority investor in the trust company’s parent organization, Fortress Blockchain Technologies, in August 2022.</p> 
<p>While this might suggest a strategic alignment, the full implications of this previous investment concerning the acquisition are not yet clear.</p> 
<p> Read more: <a href="https://crypto.news/sec-appeal-a-bust-judges-ruling-will-favor-xrp-crypto-attorney-predicts/" rel="noopener noreferrer nofollow"> SEC appeal a bust? Judge’s ruling will favor XRP, crypto attorney predicts </a> </p>

Ripple acquires Nevada-based trust company to expand US licensing

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