Ripple Labs Acquiring Yet Another Entity—Will The Puzzle Now Be Complete?

September 9, 2023 1:05 pm Comments

Ripple Labs recently announced its intent to acquire Fortress Trust.

Fortress Trust is a regulatory infrastructure and services company that aids businesses in maintaining regulatory compliance and operating within the confines of our incredibly complex legal system.

The acquisition of Fortress Trust will provide Ripple with the necessary tools to onboard real-world assets on-chain and tokenize assets across a broad range of asset classes.

Additionally, control of such infrastructure will allow Ripple Labs to provide these necessary services to other blockchain and Web 3.0 firms if they so choose.

On Friday, Ripple Labs announced: “Today, we are announcing intent to acquire Fortress Trust, part of the Fortress suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance.”

Ripple co-founder and CEO Brand Garlinghouse celebrated the new partnership: “We’ve known the Fortress Trust team now for years – what they’ve achieved in a few short years since incorporation is commendable. I’m excited to see how Ripple expands in the realm of crypto infrastructure services with the Fortress Trust team!”

Ripple Labs featured the new partnership on its website:

Through its technology and licensing, Fortress Trust provides critical infrastructure to address the growing enterprise crypto market that complements Ripple’s business and product roadmap.

This news follows Ripple’s recent acquisition of crypto custody provider Metaco for $250M – one of the largest deals in the space in 2023.

With this acquisition, Ripple’s growing portfolio of regulatory licenses expands, as Fortress Trust holds a Nevada Trust license.

Ripple and its other subsidiaries collectively hold a NY BitLicense, more than 30 Money Transmitter Licenses across the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore, the country’s Central Bank.

One XRP influencer took the time to point out Fortress Trust’s accolades:

“The Team has roughly 75 years worth of bank and digital asset regulatory experience Under the umbrella – Fortress blockchain Technologies – there is Fortress Trust: a fully regulated, fully licensed non-depository Trust Company with a innovative full suite solution for WEB3 infrastructure. Fortress Trust wants to be the leader in that space.  

A lot of the team has a regulatory background: The CEO Albert Forkner spent as regulator 25 years as a regulator; 10 years as a state banking regulator / banking commissioner in Wyoming

The President Tom Michelena has deep connections to the bankers environment”

Attorney John Deaton commented: “He states in the video that Fortress Trust’s regulatory compliance team is “unmatched” in the industry. Ripple
has now acquired Fortress Trust. Oh, the irony of it all.”

Coin Telegraph added:

Ripple plans to invest in Fortress’ parent company, Fortress Blockchain Technologies, and its affiliated firm FortressPay services, the announcement reveals. Ripple claims to be present in over 55 countries, offering payout services through blockchain technology.

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