Thanks to this acquisition, Ripple’s list of regulatory licenses has been expanded – Fortress Trust is a subsidiary of Fortress Blockchain Technologies, which was granted a trust license by Nevada regulators.
“We were one of the first investors in Fortress Blockchain Technologies, so we had the opportunity to get to know the team, their vision for the future and technology. Since launching in 2021, the team has built an impressive business with recurring revenue and an extensive client list of both crypto firms and companies pioneering digital assets,” said Ripple CEO Brad Garlinghouse.
Fortress Trust has a payment service called FortressPay, which will use Ripple payment technology in the future. The company will continue to invest in Fortress and grow the business.
The terms and amount of the transaction were not disclosed. However, the takeover must still be approved by American regulators.
In May, Ripple announced the acquisition of Swiss cryptocurrency startup Metaco. The transaction amount was $250 million.
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