1 year ago
Ripple, a starring blockchain and cryptocurrency company, has acquired Fortress Trust, a Nevada-licensed fiscal services supplier for the crypto industry. The acquisition expands Ripple’s regulatory licenses and infrastructure to bolster its presumption successful endeavor blockchain solutions.
Ripple Acquires Fortress Trust
The acquisition provides Ripple with Fortress Trust’s financial, regulatory, and technological infrastructure to service the increasing endeavor cryptocurrency market. “We’re excited to bring connected this squad and its exertion to accelerate our business,” said Brad Garlinghouse, Ripple’s CEO.
With the purchase, Ripple gains Fortress Trust’s Nevada spot license, adding to Ripple’s existing licenses and approvals. Fortress was launched successful 2021 by Scott Purcell, erstwhile CEO of the now-defunct crypto custodian Prime Trust.
Three years aft Purcell’s departure, Prime Trust entered receivership erstwhile a projected acquisition fell through. The institution was past unopen down by regulators and filed for bankruptcy aft losing power of important lawsuit funds.
Known chiefly for cross-border payments, Ripple has expanded into areas similar liquidity and tokenization. The institution says the acquisition volition amended experiences for existing products and let exploration of caller offerings. The woody is pending owed diligence and approvals.
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