editorial
Ripple, the creator of XRP cryptocurrency, has announced its acquisition of Fortress Trust, a regulated entity that offers custody and other services for digital assets. The terms of the acquisition were not disclosed. Notably, Ripple was an early investor in Fortress during its seed funding round in 2022.
This acquisition comes after Ripple’s recent purchase of METACO for $250 million, as the company seeks to consolidate its crypto services offerings.
Fortress Trust is a provider of infrastructure services for the enterprise crypto market. Ripple CEO Brad Garlinghouse expressed his excitement about the acquisition in a blog post, highlighting Fortress Trust’s impressive business growth since its launch in 2021. He emphasized that its technology and experienced team will help accelerate Ripple’s business and strengthen its position in critical areas of the crypto infrastructure.
Fortress Trust is regulated as a Trust company with a Bitlicense in the State of New York and is also regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution. The company’s strong regulatory standing and comprehensive services make it an attractive addition to Ripple’s portfolio.
Scott Purcell, CEO of Fortress Blockchain Technologies and former founder of Prime Trust, expressed his enthusiasm for the acquisition. He described Ripple as one of the largest and most innovative companies in the industry, and emphasized the positive collaboration and deepening partnership with Ripple’s Web3 payments solution.
It’s worth noting that Prime Trust, Purcell’s previous venture, is currently in receivership. However, Purcell had completely divested from the firm, including his equity stake, before its failure. In 2021, he founded Fortress Blockchain Technologies, which has now been acquired by Ripple.
Following the completion of the acquisition, Ripple plans to invest in Fortress Blockchain Technologies, along with its FortressPay services. This strategic move will further bolster Ripple’s position in the market and enhance its suite of offerings in the crypto industry.
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