Ripple, known for the cryptocurrency XRP, announces the acquisition of Fortress Trust. Fortress Trust acts as a financial institution that provides regulatory licenses and technological infrastructure for blockchain developers in the world of Web3.
This strategic acquisition of Ripple follows its recent $250 million acquisition of Swiss crypto custody company Metaco. With both company acquisitions, Ripple wants to further expand its position in the crypto market.
The acquisition is an important step for Ripple
The acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies, is an important step for Ripple. The blockchain innovation financial institution holds a valuable Nevada Trust license, which has allowed Ripple to significantly expand its portfolio of regulatory licenses.
Along with licenses like New York BitLicense and more than 30 others Money transmitter licenses Ripple is strengthening its position in the USA. These licenses are critical for financial institutions in the United States to legally conduct payments and money transfers. Ripple Chairman Monica Long says:
“Licensing is a powerful tool to build and deliver best-in-class customer experiences for businesses using Ripple’s crypto infrastructure for our payments and liquidity solutions.”
Ripple wants to become a payment hub with XRP
This acquisition will allow Ripple to further expand and strengthen its service offering. We have now come one step closer to the goal of becoming a comprehensive payment hub.
The company invested in Fortress Blockchain Technologies as part of a first round of financing in 2022. After acquiring the Fortress Trust subsidiary, Ripple plans to invest in the parent company and FortressPay services.
This development comes at a crucial time for Ripple as the company is currently engaged in a legal battle with the US Securities and Exchange Commission (SEC). The outcome of this case will have a significant impact on the status of XRP and potentially other cryptocurrencies.