Ripple Expands Crypto Services With Fortress Trust Acquisition
Blockchain payments firm Ripple is expanding its crypto services footprint with the acquisition of Nevada-based trust company Fortress Trust. The purchase bolsters Ripple’s regulatory footing in the U.S. crypto market. Fortress Trust provides custody, trading, and other services tailored for blockchain companies. Ripple took a minority stake in Fortress’ parent last August during a seed financing round. Also read: Thodex Founder Sentenced to 11,196 Years for $2B Crypto Theft Ripple’s Fortress Trust acquisition priced below that of Metaco’s $250 million Source: Crypto News Flash While purchase terms were undisclosed, the price reportedly falls below the $250 million Ripple paid for crypto custody firm Metaco in May. The deal adds a Nevada regulatory license to the firm’s existing BitLicense and 30 state money transmitter registrations. Ripple President Monica Long said acquiring Fortress Trust advances the company’s goal of...