Ripple, the company behind the XRP cryptocurrency, has announced that it will acquire Fortress Trust, a financial institution that provides Web3 financial, technology, and regulatory infrastructure to blockchain-oriented companies. The terms of the acquisition were not disclosed.
In a statement, Ripple CEO Brad Garlinghouse said that the acquisition would help Ripple “accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.” He added that Fortress Trust has “built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers.”
Fortress Trust was founded in 2021 and is headquartered in Nevada. The company offers a variety of services to blockchain companies, including custody, compliance, and trading.
The acquisition is the latest in a series of moves by Ripple to expand its crypto infrastructure. In January, the company announced that it would acquire Metaco, a Swiss custody startup.
Ripple’s expansion into crypto infrastructure comes as the company is facing a lawsuit from the Securities and Exchange Commission (SEC). The SEC alleges that Ripple raised over $1.3 billion through the sale of XRP unregistered securities. Ripple has denied the allegations and is fighting the lawsuit.
The acquisition of Fortress Trust is seen as a way for Ripple to strengthen its position in the crypto market and prepare for the future. The company is betting that the crypto market will continue to grow and that it will be well-positioned to capitalize on that growth.
What does the acquisition mean for the crypto market?
The acquisition of Fortress Trust by Ripple is a significant development for the crypto market. It shows that Ripple is serious about expanding its presence in the market and that it is confident in the future of crypto.
The acquisition also provides Fortress Trust with access to Ripple’s resources and network. This could help Fortress Trust to grow its business and become a more important player in the crypto market.
Overall, the acquisition of Fortress Trust is a positive development for the crypto market. It shows that major players in the financial industry are taking crypto seriously and that they are investing in the technology. This could help to legitimize the crypto market and attract more investment.
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