U.Today - San Francisco-based blockchain firm Ripple an agreement to acquire Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technological infrastructure.
The acquisition will also expand Ripple's portfolio of regulatory licenses since Fortress Trust holds a Nevada Trust license.
This adds to Ripple’s existing set of regulatory approvals, which span multiple jurisdictions including in the US as well as .
The major deal is subject to due diligence and regulatory approvals.
Ripple’s early bet
It is worth noting that Ripple became a minority investor in Fortress Blockchain Technologies, the parent company of Fortress Trust, in 2022., CEO of Ripple, indicated that as an early investor in Fortress Trust, they had become familiar with its team and business model. He added that the acquisition is aimed at accelerating Ripple's business in key areas of crypto infrastructure.
Fortress Trust provides a robust financial infrastructure for digital companies, specializing in IRA services, asset custody, and payment processing. They also handle compliance issues like KYC and AML, offer crypto liquidity, and ensure data and asset security.
An acquisition spree
Earlier this year, Ripple acquired Swiss-based crypto custody provider for $250 million to expand its capabilities in tokenized asset custody, issuance, and settlement.The major acquisitions are part of Ripple’s strategy to diversify revenue streams and extend its global presence beyond .