The San Francisco-based fintech firm acquired tech infrastructure firm Fortress Trust.
Ripple is a San Francisco headquartered fintech company. This company provides cross-border payment services with the help of XRP coin, a crypto token that runs on XRP Ledger (XRPL). Ripple Labs is the backend developer company behind XRPL but interestingly neither Ripple nor Ripple Labs control the XRP coin. In short, any other company in the world is free to use XRP coin in any kind of financial service.
On 8 Sep 2023, Ripple announced that it agreed to acquire the Fortress Trust firm. This newly acquired firm provides regulatory and technology infrastructure for blockchain organisations and this company holds a Nevada license. With the help of the license, Fortress also provides financial custody services.
With this latest acquisition, Ripple now holds more than 30 licenses in the US jurisdiction, including BitLicense in New York, which remains very important for any company to provide financial services in the US States.
Ripple president Monica Long said that licenses are a powerful tool for any company to develop & deliver the best level of services to the customers.
In 2022 Ripple invested in this company via seed round but the latest financial disclosure remained under private domain.
Ripple CEO Brad Garlinghouse said that Ripple was an early Investor in Fortress Blockchain Technologies and this was the reason why the Ripple team came to know about its vision & potential.
Garlinghouse also said that the company delivered a better level of services to the customers belonging to both crypto-native and new-to-crypto with better revenue records.
Just a few days ago, Ripple CTO David Schwartz responded to a tweet on the X platform and hinted that Ripple has plans to go public in the near future.