Ripple (XRP) continues its growth strategy in the crypto sector by acquiring Fortress Trust, a financial institution that offers Web3 and blockchain-based solutions. Fortress Trust provides services such as crypto custody, regulatory compliance, and technology infrastructure for the crypto industry.
The company behind XRP is pursuing its expansion strategy in the crypto sector by acquiring Fortress Trust, a financial institution that specializes in Web3 and blockchain-based solutions.
Ripple Followed Through with its Commitment to Purchase Fortress Trust
This acquisition will enhance Ripple’s position in the enterprise cryptocurrency market, where it already acquired Metaco, a crypto custody provider, for USD 250 million earlier this year. This was one of the largest deals in the industry in 2023.
Ripple will also benefit from Fortress Trust’s regulatory licenses, which include a Nevada Trust license. This will complement Ripple’s existing licenses, such as a NY BitLicense, more than 30 Money Transmitter Licenses across the United States, and an in-principle Major Payment Institution License from the Monetary Authority of Singapore.
These licenses will enable Ripple to offer secure and compliant services to its customers in the crypto industry. Ripple stated in the official press release that licenses are crucial for improving customer experiences for enterprises that use Ripple’s crypto infrastructure for payments and liquidity solutions. They also said that acquiring Fortress Trust will allow them to enhance their existing products and explore new offerings.
Ripple praised the Fortress Blockchain Technologies team for their achievements since they founded the company in 2021. They noted that the company has generated steady revenues and attracted a diverse customer base, including both crypto-native and crypto-curious customers.
They expressed their confidence that this acquisition will help Ripple advance and strengthen its capabilities in key areas of crypto infrastructure.
Ripple (XRP) has experienced a price drop of -6.30% in the last 24 hours. The current price of XRP is $0.469, as of writing this. However, the crypto’s transaction volume has increased by +138% in the same period, indicating a high level of activity. XRP remains in the sixth position in terms of market capitalization, with a total value of over $24.8 billion.
