Nevada

Fortress

<ul> 
 <li>Ripple has said that Fortress Trust’s licensing and technology are a good fit.</li> 
 <li>No information on the financial details of the recent transactions was shared.</li> 
</ul> 
Ripple announced on September 8 that it has acquired <a href="https://fortresstrust.com/" target="_blank" rel="noopener noreferrer nofollow">Fortress Trust</a> in order to increase its portfolio of regulatory licenses in the U.S.&nbsp; Fortress Trust’s mission is to serve as the regulatory and technological backbone for blockchain enterprises. 
Moreover, the firm is licensed as a Nevada Trust, which permits it to act as a custodian for clients’ funds. Also, this purchase comes on top of Ripple’s existing portfolio of over 30 state money transmitter licenses and New York’s mandatory BitLicense for digital currency enterprises. 
<h3 class="wp-block-heading" id="h-speeding-up-expansion">Speeding Up Expansion</h3> 
Furthermore, <a href="https://thenewscrypto.com/ripples-chief-legal-officer-slams-sec-over-latest-filing/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> has said that Fortress Trust’s licensing and technology are a good fit with the company’s future plans. In 2022, Ripple made its first investment in the startup via a seed round. No information on the financial details of the recent transactions was shared. 
Brad Garlinghouse, CEO of Ripple stated: 
<blockquote class="wp-block-quote"> 
 “As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers.” 
</blockquote> 
Despite the market downturn, Ripple has been speeding up its expansion. The business spent $250 million to buy Swiss digital asset custodian and tokenization vendor <a href="https://thenewscrypto.com/leading-enterprise-crypto-company-ripple-acquires-custody-provider-metaco-for-250m/" target="_blank" rel="noopener noreferrer nofollow">Metaco</a> in May. Also, in January, a Ripple official projected that there will be a flurry of mergers and acquisitions in the cryptocurrency industry in 2023. 
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Ripple Acquires Fortress Trust to Further Boost Expansion

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