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Ripple, the trailblazing enterprise blockchain and crypto solutions pioneer, is making waves once again. The company has just announced its acquisition of Fortress Trust, a financial institution renowned for furnishing licensed Web3 financial, regulatory, and technology infrastructure tailored for blockchain innovators.
This strategic move comes hot on the heels of Ripple's recent headline-making acquisition of Metaco, a crypto custody provider, in a whopping $250 million deal, solidifying its stance as a formidable player in the crypto sphere in 2023.
Brad Garlinghouse, Ripple's CEO, expressed the company's excitement about bringing Fortress Trust into its fold. He lauded the impressive progress the Fortress Trust team has made since its inception in 2021, highlighting their remarkable achievements in building a thriving business with recurring revenue streams and a diverse clientele spanning both crypto natives and newcomers to the crypto realm.
This acquisition extends Ripple's ever-growing portfolio of regulatory licenses, with Fortress Trust holding a coveted Nevada Trust license. Ripple and its subsidiary entities collectively possess a New York BitLicense, over 30 Money Transmitter Licenses spanning the United States, and an in-principle Major Payment Institution License from the Monetary Authority of Singapore, Singapore's Central Bank.
Monica Long, President at Ripple, emphasized the significance of licenses as potent enablers for delivering top-tier customer experiences across Ripple's suite of crypto infrastructure solutions. This acquisition positions Ripple to elevate the customer experience within its existing products while embarking on a journey to explore innovative, complementary offerings, all with the aim of becoming the ultimate destination for enterprises seeking to transact, safeguard, and transfer value on the blockchain, globally.
Ripple's journey began with its pioneering payments products, tackling the monumental challenges in cross-border payments worth trillions of dollars by harnessing the power of blockchain and cryptocurrency. Over time, Ripple expanded its product offerings to address emerging use cases like liquidity management, tokenization, and Central Bank Digital Currencies (CBDCs). Today, Ripple proudly serves a diverse clientele spanning more than 55 countries and six continents, offering payout capabilities in over 70 markets.
Scott Purcell, CEO of Fortress Blockchain Technologies, expressed his delight regarding the acquisition, characterizing it as a testament to the remarkable team and business they've built within a short span. He also expressed eagerness about strengthening their partnership with Ripple's Web3 payments solution.
This acquisition is the culmination of Ripple's earlier investment as a minority stakeholder in Fortress Blockchain Technologies in 2022. Following the acquisition's closure, Ripple will further invest in the parent company, Fortress Blockchain Technologies, and its FortressPay services. These investments will leverage Ripple's global technology and regulatory framework to deliver innovative payment solutions to B2B customers worldwide. As with any significant deal, the final closure is subject to due diligence and regulatory approvals, ensuring a seamless transition into this exciting new chapter.
