Last Updated on September 9, 2023 by Bitfinsider
The blockchain infrastructure business Fortress Trust is being acquired by cryptocurrency-based payments network Ripple Labs, marking the company’s second significant acquisition of the year.
Ripple has announced on its blog that it has hired Web3 business Fortress Trust to manage its infrastructure and regulatory compliance requirements.
“Fortress Trust complements Ripple’s business and product roadmap by offering essential infrastructure to handle the expanding enterprise crypto sector through its technology and licencing.
Financial institutions and businesses may concentrate on developing their blockchain strategy rather than worrying about compliance requirements by utilising a licenced partner like Fortress.
In order to strengthen its payments network, Ripple says it intends to spend more in its parent firm, Fortress, and the Fortress brand. “Following the closure of the Fortress Trust deal, Ripple plans to invest in the parent company, Fortress Blockchain Technologies and its FortressPay services, which will leverage Ripple’s global technology to deliver new and innovative payment solutions to business-to-business customers around the world,” it stated.
As mentioned in the blog article by Brad Garlinghouse, CEO of Ripple, who said: “As an early investor in Fortress Blockchain, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers. We’re excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.”
This year, in response to data indicating that financial institutions want to aggressively integrate cryptocurrencies into their business models within the next three years, Ripple invested $250,000,000 acquiring institutional digital asset custody startup Metaco.
Ripple claimed at the time that Metaco’s asset tokenization services would assist in meeting the demands of its affluent clients.
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