Ripple acquires blockchain focused financial company Fortress Trust

     Ripple has acquired Fortress Trust, which is a Nevada-based crypto and Web3-focused chartered trust company,

Acquisition is Good For Ripple

     Fortress Trust provides financial and regulatory structure for blockchain companies. It holds a list of regulatory licences in Nevada, including the New York BitLicense and money transmitter licences in 30 US states. With this acquisition, Ripple has acquired this privilege.

Amount is not Disclosed

     This is the second big acquisition after custody firm Metaco, which was acquired in May for $250 million; however, this time Ripple hasn't disclosed the financial terms, but information from CoinDesk claims the amount paid for Fortress Trust was less than it (Ripple) paid for Metaco.

Still Doubtful 

     Fortress Trust was formed by Scott Purcell, CEO of Prime Trust. Prime Trust came under attack from investors after it lost access to its Ethereum wallet. This may seem like its acquisition by Ripple is a wrong decision, but since Ripple Invested in it's parent company, Fortress Blockchain Technologies, in August 2022, it seems to be a considered decision.

Brought to you by Yugocean, originally posted here.