Leading Enterprise Crypto Company Ripple Acquires Fortress Trust; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Ripple, a leading enterprise blockchain and crypto solutions company, has announced its acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies. Fortress Trust provides licensed Web3 financial, regulatory, and technology infrastructure for blockchain innovators. This acquisition follows Ripple's recent purchase of crypto custody provider Metaco for $250M. The acquisition of Fortress Trust expands Ripple's portfolio of regulatory licenses, as Fortress Trust holds a Nevada Trust license. Ripple plans to invest in parent company, Fortress Blockchain Technologies and its FortressPay services after the deal closure.
September 08, 2023 | 3:07 pm
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Ripple's acquisition of Fortress Trust could potentially strengthen its position in the crypto market and expand its regulatory licenses, which could positively impact the value of XRP in the short term.
The acquisition of Fortress Trust by Ripple could potentially strengthen Ripple's position in the crypto market by expanding its regulatory licenses and adding to its technology and product offerings. This could increase investor confidence in Ripple and, by extension, increase demand for XRP, potentially leading to a short-term increase in its value.
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