A key player in blockchain and crypto services, Ripple is set to acquire Fortress Trust, a subsidiary of Fortress Blockchain Technologies.
This move is aimed at strengthening Ripple’s position in the enterprise crypto market. Ripple recently acquired Metaco, a crypto custody provider, for $250 million.
Ripple CEO Brad Garlinghouse said in a statement, “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.”
Fortress Trust holds a Nevada Trust license, adding to Ripple’s existing regulatory licenses, including a NY BitLicense, over 30 Money Transmitter Licenses in the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore.
Ripple’s goal is to offer comprehensive blockchain-related services to enterprises. Initially focused on cross-border payments using blockchain and cryptocurrency, they now provide liquidity management, tokenization, and CBDC solutions to customers in more than 55 countries.
Ripple had previously invested in Fortress Blockchain Technologies and plans to further invest in FortressPay services to offer innovative payment solutions to B2B customers worldwide. The acquisition is pending regulatory approval.
Ripple’s strategic acquisition of Fortress Trust aligns with its ambition to become a global blockchain powerhouse, offering a wide range of solutions to meet evolving enterprise needs.