Ripple Expands Regulatory Licenses in the US with Acquisition of Fortress Trust

Financial technology firm Ripple is expanding its portfolio of regulatory licenses in the United States with the acquisition of Fortress Trust. The move further strengthens Ripple's position in the country as it already holds more than 30 licenses as a money transmitter, in addition to a BitLicense in New York dedicated to virtual currencies businesses.

Acquisition for Regulatory and Technology Infrastructure

Fortress Trust is a provider of regulatory and technology infrastructure for blockchain organizations, holding a Nevada Trust license that allows it to custody financial assets. The acquisition of Fortress Trust's licenses and technology is seen as a complement to Ripple's existing business and product roadmap.

Growth in the Cryptocurrency Market

Ripple's decision to acquire Fortress Trust comes as the company accelerates its deal-making efforts in the cryptocurrency market. In May, Ripple acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. Earlier this year, Ripple executives predicted a wave of acquisitions in the crypto space to help companies fill gaps in capabilities.

Investment in Fortress Blockchain Technologies

In addition to the acquisition, Ripple also plans to invest in Fortress' parent company, Fortress Blockchain Technologies, and its affiliated firm FortressPay services. This move demonstrates Ripple's commitment to further expansion and investment in the blockchain sector.

Ripple's Global Presence

Ripple claims to be present in over 55 countries, offering payout services through blockchain technology. The acquisition of Fortress Trust and the expansion of its regulatory licenses in the US are part of Ripple's ongoing efforts to provide best-in-class customer experiences for enterprises around the world.