Ripple Bolsters its US Regulatory Licenses with Fortress Trust Acquisition
Summary:
Financial technology firm Ripple expands its US regulatory license portfolio with the acquisition of Fortress Trust, a company that provides regulatory and technology infrastructure for blockchain organizations. The acquisition complements Ripple's existing licenses and enhances its ability to deliver exceptional customer experiences. This move highlights Ripple's commitment to growth and innovation in the blockchain industry.
Ripple is expanding its collection of regulatory licenses in the US with the purchase of Fortress Trust, a financial technology firm announced on September 8th. Fortress Trust specializes in providing regulatory and technology infrastructure for blockchain companies and has a Nevada Trust license that allows it to hold financial assets. This acquisition adds to Ripple's existing more than 30 licenses as a money transmitter and a BitLicense in New York. Ripple's president, Monica Long, stated that licenses are crucial in delivering the best customer experiences for enterprises. Ripple had initially invested in Fortress Trust in 2022, making this recent acquisition a strategic move. The financial terms of the transaction were not disclosed.
Published At
9/8/2023 5:00:00 PM
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