{"id":58907,"date":"2023-09-08T15:11:26","date_gmt":"2023-09-08T19:11:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=58907"},"modified":"2023-09-08T15:11:54","modified_gmt":"2023-09-08T19:11:54","slug":"ripples-fortress-trust-acquisition-expands-us-licensing","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ripples-fortress-trust-acquisition-expands-us-licensing\/","title":{"rendered":"Ripple’s Fortress Trust Acquisition Expands US Licensing"},"content":{"rendered":"\n

Fortress possesses a Nevada Trust license, enabling them to provide asset custody services<\/a>, whereas Ripple holds in excess of 30 licenses spanning various jurisdictions within the United States.<\/p>\n\n\n\n

\"Ripple's<\/figure>\n\n\n\n

Ripple, a financial technology company, has announced its intention to acquire Fortress Trust\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to acquire additional regulatory licenses in the United States. This development was disclosed in an 8 September announcement.<\/p>\n\n\n\n

Fortress Trust specializes in providing regulatory and technological infrastructure for blockchain businesses, and its Nevada Trust license authorizes it to protect financial assets. <\/p>\n\n\n\n

This acquisition augments Ripple's existing licenses as a national money transmitter, which number more than 30. <\/p>\n\n\n\n

Additionally, Ripple has a BitLicense, which is required for digital currency enterprises operating in New York.<\/p>\n\n\n\n

Monica Long, president of Ripple, emphasized the significance of licenses as a powerful enabler for devising and delivering premium customer experiences to enterprises. <\/p>\n\n\n\n

According to Ripple's announcement, Fortress Trust's technological and licensing assets align with its business strategies and product roadmap.<\/p>\n\n\n\n

In 2022, Ripple invested in Fortress Trust through a seed financing round. Unfortunately, the exact financial parameters of this recent transaction are currently unknown.<\/p>\n\n\n\n

\n

Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust\u2019s financial and regulatory infrastructure complements and expands Ripple\u2019s comprehensive portfolio of blockchain solutions for finance. https:\/\/t.co\/LIl3cPEur2<\/use><\/svg><\/span><\/a><\/p>— Ripple (@Ripple) September 8, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

\n

\u201cAs an early investor in Fortress Blockchain Technologies, we\u2019ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they\u2019ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers,\u201d Brad Garlinghouse, CEO of Ripple, stated.<\/p>\n<\/blockquote>\n\n\n\n

Amid a bear market, Ripple has increased its commercial transactions. In May, the company announced its $250 million acquisition of Metaco, a Swiss digital asset custodian and tokenization provider<\/a>.<\/p>\n\n\n\n

As companies seek to cover gaps in their capabilities, a Ripple executive predicted in January that there would be a surge of acquisitions in the cryptocurrency sector in 2023.<\/p>\n\n\n\n

According to the announcement, Ripple intends to invest in Fortress's primary company, Fortress Blockchain Technologies, and its subsidiary, FortressPay Services. Offering blockchain-based payout services, Ripple asserts its presence in more than 55 countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fortress possesses a Nevada Trust license, enabling them to provide asset custody services, whereas Ripple holds in excess of 30 licenses spanning various jurisdictions within the United States. Ripple, a financial technology company, has announced its intention to acquire Fortress Trust to acquire additional regulatory licenses in the United States. This development was disclosed in […]<\/p>\n","protected":false},"author":56,"featured_media":58909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,130,24],"tags":[202,710,16383,1502,142,1305],"class_list":["post-58907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-blockchain-news","category-ripples-news","tag-blockchain","tag-business","tag-fortress-trust","tag-regulation","tag-ripple","tag-united-states"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/ripple-1-sixteen_nine.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=58907"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58909"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=58907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=58907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=58907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}