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Ripple Unveils New Mega Deal

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Fri, 8/09/2023 - 15:59
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Ripple Unveils New Mega Deal
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San Francisco-based blockchain firm Ripple has announced an agreement to acquire Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technological infrastructure. 

The acquisition will also expand Ripple's portfolio of regulatory licenses since Fortress Trust holds a Nevada Trust license. 

This adds to Ripple’s existing set of regulatory approvals, which span multiple jurisdictions including in the US as well as Singapore.

The major deal is subject to due diligence and regulatory approvals. 

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Ripple’s early bet 

It is worth noting that Ripple became a minority investor in Fortress Blockchain Technologies, the parent company of Fortress Trust, in 2022. 

Brad Garlinghouse, CEO of Ripple, indicated that as an early investor in Fortress Trust, they had become familiar with its team and business model. He added that the acquisition is aimed at accelerating Ripple's business in key areas of crypto infrastructure.

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Fortress Trust provides a robust financial infrastructure for digital companies, specializing in IRA services, asset custody, and payment processing. They also handle compliance issues like KYC and AML, offer crypto liquidity, and ensure data and asset security. 

An acquisition spree 

Earlier this year, Ripple acquired Swiss-based crypto custody provider Metaco for $250 million to expand its capabilities in tokenized asset custody, issuance, and settlement. 

The major acquisitions are part of Ripple’s strategy to diversify revenue streams and extend its global presence beyond the U.S. market.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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