Ripple (XRP), a San Francisco-based blockchain firm, made a staggering announcement on September 8, 2023. They have acquired Fortress Trust, a financial institution that specializes in providing Web3 financial, regulatory, and technological infrastructure for blockchain innovators. This strategic move in the rapidly evolving cryptocurrency landscape highlights Ripple’s presence and commitment to Web 3.0.
This news comes after Ripple’s recent acquisition of Metaco, a crypto custodian provider, for $250 million in 2023, which was the biggest deal in the cryptocurrency realm that year. Following the Fortress Trust acquisition, Ripple’s CEO, Brad Garlinghouse, stated:
“As early investors in Fortress Trust, we’ve been pleased to learn more about the team, the work culture, technology, and many other aspects.”
Since their launch in 2021, they have built a strong business with a robust roster of both established revenue and crypto-native, next-gen customers. We are excited to bring the team and technology on board to accelerate our business and continue to add more value in the critical area of the cryptocurrency landscape.
With this significant acquisition, Ripple’s portfolio of regulated licenses receives a substantial boost, thanks to Fortress Trust’s Nevada Trust Licenses. In addition, Ripple and its affiliated companies hold more than 30 Money Transmitter Licenses (MTLs) across the United States, as well as a significant Payment Institution License from the Monetary Authority of Singapore. This significant move by Ripple has strengthened its regulatory compliance and infrastructure capabilities in the blockchain and cryptocurrency ecosystem.
All these licenses help in Ripple’s partnerships with numerous world-leading financial institutions, including SBI Holdings, the Saudi Arabian Monetary Authority, Western Union, UAE Exchange, American Express, and many others.
Recently, in a report by Todayq News on July 7, 2023, Bank of America (BOA) expressed admiration for Ripple and praised its innovative solutions and global potential within the financial industry. The bank acknowledged Ripple’s impact on cross-border transactions and its uncompromising commitment to innovation. They have also recognized Ripple’s pivotal role in digitizing trade documents in the Asia-Pacific region, highlighting its transformative potential for cross-border payments.