Cointime

Download App
iOS & Android

Ripple acquires Fortress Trust, expands license portfolio in the US

Financial technology firm Ripple is expanding its portfolio of regulatory licenses in the United States with the acquisition of Fortress Trust, according to an announcement on Sept. 8. 

Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company holds a Nevada Trust license that allows it to custody financial assets. The acquisition is in addition to the more than 30 licenses Ripple holds across the country as a money transmitter, along with a BitLicense in New York, required digital currency businesses operating in the state.

“Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises,” said Monica Long, president at Ripple. According to Ripple’s announcement, the technology and licensing held by Fortress Trust complements its business and product roadmap.

Ripple first invested in the company in 2022 via a seed round. The recent transaction amounts and other financial terms were not revealed.

“As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers,” said Brad Garlinghouse, CEO of Ripple. 

Ripple has been accelerating deals amid the bear market. In May, the company announced the acquisition of Metaco, a Swiss digital asset custodian and tokenization provider, for $250 million. A Ripple executive forecast in January that 2023 would see a wave of acquisitions within the crypto space, helping companies fill gaps in capabilities

Ripple plans to invest in Fortress’ parent company, Fortress Blockchain Technologies, and its affiliated firm FortressPay services, the announcement reveals. Ripple claims to be present in over 55 countries, offering payout services through blockchain technology.

Comments

All Comments

Recommended for you

  • OpenSocial Protocol Completes $6 Million Strategic Financing

    OpenSocial Protocol announced the completion of a $6 million strategic financing round, led by Framework Ventures and North Island Ventures, with participation from Hivemind Capital Partners, Stratos, Moonrock Capital, and others. Its total financing amount has reached $26 million so far.

  • Testing The Range Bands

    Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity. The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.

  • Now Live: Q3 2024 'Guide to Crypto Markets' by Glassnode and Coinbase Institutional

    In the Q3 'Guide to Crypto Markets' by Glassnode and Coinbase Institutional, we explore the rapid increase in on-chain activity, the transformative impact of ETFs, and where we're at in the current market cycle.

  • Deutsche Telekom to expand its Web3 services to XDC network

    Deutsche Telekom will expand its Web3 services to the XDC network. A subsidiary of Deutsche Telekom will operate a backup main node on the XDC network as an infrastructure provider. The company has operated nodes on multiple blockchain networks, including Ethereum, Polygon, and Polkadot, and plans to start Bitcoin mining. The XDC network focuses on tokenized real assets, trade finance, and decentralized physical infrastructure.

  • Vitalik: The ultimate decision on the success of cryptocurrency is the practical application of technology

    Vitalik, the co-founder of Ethereum, recently stated on the "Bell Curve" podcast that the actual application of technology determines the success or failure of cryptocurrency. If cryptocurrency can become mainstream, or at least a trusted alternative like Linux, then it can be considered a success.For example, Ethereum accounts can replace social account logins, or cryptocurrency can become a part of the financial system, DAO can become an alternative for enterprises or non-profit organizations, and decentralized social media or prediction markets can succeed.On the other hand, if the cryptocurrency field is remembered as a group of idealists gradually decreasing their cries, or a group of people trading digital monkeys and celebrity photos, it would be a disappointing result.

  • Investment institution Arca is suspected of clearing out the PENDLE/LDO/BNB bought two weeks ago, with a current floating profit of $636,000

    According to the on-chain analyst @ai_9684xtpa, investment firm Arca (@arca) is suspected of liquidating its holdings of PENDLE/LDO/BNB that were purchased two weeks ago, with a potential profit of $636,000.

  • Harris concept meme coin KAMA increased 100 times in 3 months

    According to the data on the chain, the unofficial Kamala Harris meme coin (KAMA) on Solana has skyrocketed by 10,000% in the past three months, from $0.0003216 to $0.0319. At the end of March, when trading started, KAMA's market value was less than $100,000. Currently, KAMA is only 15% behind TREMP (a Trump-themed meme coin launched a month ago), which had a market value of $150 million in the first week of June but has since dropped to $43 million, while KAMA's market value has reached $38 million. Meanwhile, Boden (a Biden-themed meme coin) has plummeted 98% from its high of $650 million in April to its current market value of $11.1 million.

  • In the past hour, the entire network has liquidated 112 million US dollars, mainly long orders

    According to Coinglass data, in the past hour, the entire network has liquidated $112 million, of which long positions were liquidated for $108 million and short positions were liquidated for $3.9836 million.

  • Biden speaks out on withdrawing from 2024 US presidential election

    On the 24th local time, US President Biden gave a speech in the Oval Office of the White House, explaining the reasons for his withdrawal from the 2024 presidential election. On July 21st local time, US President Biden announced his withdrawal from the 2024 presidential election. In a letter posted on his personal social media that day, Biden said that he had intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his presidential duties during his term.

  • Grayscale Spot Ethereum ETF (ETHE) had a net inflow of $45.9 million yesterday

    As monitored by Farside Investors, data from yesterday (July 24th) shows that Grayscale Ethereum ETF (ETHE) had a net inflow of $45.9 million in the US spot Bitcoin ETF.