Ripple has acquired Fortress Trust, a financial institution that provides licensed Web3 financial, regulatory and technology infrastructure for blockchain outfits.
Ripple has bought the Fortress Blockchain Technologies subsidiary for an undisclosed sum.
Through its technology and licensing, Fortress Trust provides infrastructure to address the growing enterprise crypto market. deal follows Ripple’s recent acquisition of crypto custody provider Metaco for $250 million.
Fortress Trust also holds a Nevada Trust license, adding to Ripple's NY BitLicense, more than 30 Money Transmitter Licenses across the US, and an in-principle Major Payment Institution License in Singapore.
Monica Long, president at Ripple, says: “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises using Ripple’s crypto infrastructure across our payments and liquidity solutions.
“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.”