Ripple Seeks to Acquire Fortress Trust, a Blockchain Infrastructure Firm

Just months after acquiring the Swiss custody startup Metaco, Ripple continues its acquisition spree with Fortress Trust.

Ripple Seeks to Acquire Fortress Trust, a Blockchain Infrastructure Firm. Image: CoinDesk

Ripple has announced its intention to acquire Fortress Trust, a company specializing in blockchain infrastructure.

In a statement released this morning (09/09), the move aims to expand Ripple's licensing portfolio. Fortress Trust, a subsidiary of Fortress Blockchain Technologies, holds a Nevada Trust license, providing infrastructure services to enterprise crypto clients.

Ripple CEO Brad Garlinghouse stated:

"As early investors in Fortress Blockchain Technologies, we have had the opportunity to get to know their team, vision, and technology. Since their inception in 2021, they have proven to be an impressive business with strong recurring revenues and a broad client base."

Last year, Ripple participated in Fortress's $22.5 million seed funding round. Under the agreed terms, Ripple will continue to invest in Fortress and its services, including FortressPay, which will utilize Ripple's payment technology. However, the exact value of the deal remains undisclosed pending appraisal and approval.

If successful, this acquisition would mark another milestone in Ripple's acquisition strategy, following the custody firm Metaco ($250 million USD) and a portion of the exchange Bitstamp.

Updates on the ongoing legal battle between Ripple and the SEC: Three weeks ago, Ripple made headlines by rejecting the SEC's appeal motion. While the court's statement affirmed that XRP is not a security under certain circumstances, it delivered a significant victory for Ripple. This legal precedent provides a basis for other crypto projects facing SEC scrutiny to defend against regulatory action. This is the Achilles' heel that the SEC is eager to overturn in its favor.