Ripple, a leading blockchain and cryptocurrency company, has acquired Fortress Trust, a Nevada-licensed financial services provider for the crypto industry. The purchase expands Ripple’s regulatory licenses and infrastructure to bolster its position in enterprise blockchain solutions.
Ripple Acquires Fortress Trust
The acquisition provides Ripple with Fortress Trust’s financial, regulatory, and technological infrastructure to serve the growing enterprise cryptocurrency market. “We’re excited to bring on this team and its technology to accelerate our business,” said Brad Garlinghouse, Ripple’s CEO.
With the purchase, Ripple gains Fortress Trust’s Nevada trust license, adding to Ripple’s existing licenses and approvals. Fortress was launched in 2021 by Scott Purcell, former CEO of the now-defunct crypto custodian Prime Trust.
Three years after Purcell’s departure, Prime Trust entered receivership when a proposed acquisition fell through. The company was then shut down by regulators and filed for bankruptcy after losing control of significant customer funds.
Known primarily for cross-border payments, Ripple has expanded into areas like liquidity and tokenization. The company says the purchase will improve experiences for existing products and allow exploration of new offerings. The deal is pending due diligence and approvals.
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