In an advanced report, Ripple, the renowned crypto solution provider, revealed plans to acquire Fortress Trust to broaden its market presence. A publication date of September 8 portrayed Fortress Trust as an affiliate company to Fortress Blockchain Technologies, a leading provider of Web3 financial services and technology infrastructure solutions.
Since 2021, the Fortress Trust has provided innovative solutions in licensing and technology to blockchain firms. The expected acquisition aims at positioning Ripple to meet the growing demand for crypto services.
Ripple Seeks to Revolutionize Financial Sector
Interestingly, the acquisition of Fortress Trust aligns with the Ripple mission of revolutionizing the financial systems through emerging technologies such as blockchain.
Addressing the media, the chief executive officer of Ripple, Brad Garlinghouse, confirmed that the crypto firm plans to acquire Fortress Trust at undisclosed amount. The CEO stated that the acquisition positioned Ripple as an early investor of Fortress Blockchain Technologies, which manages assets worth over $22.5 million.
Garlinghouse was delighted to announce that the expected acquisition will enable Ripple to develop an in-depth understanding of Fortress’ operations, including its vision statement, innovation and technology. In his address the CEO portrayed his willingness to work with a forward-thinking team from Fortress.
The executive praised the remarkable contributions made by Fortress to create an exotic business that generates measurable returns. Garlinghouse acknowledged that the Fortress has provided innovative solutions to crypto proponents and new members in the digital space.
The CEO highlighted that the Ripple team has agreed to bring on board the Fortress team and leverage its advanced blockchain technology to foster business growth. The collaboration with Fortress will enable Ripple to fill the gap in crypto infrastructure.
Ripple’s Expansion Plan
In support of this, the president of Ripple, Monica Long, explained the importance of obtaining regulatory license approval. She stated that the acquisition will enable Ripple to create and deliver first-world enterprise products that boost customer experiences.
The head of Ripple pointed out that the acquisition will support in strengthening of its crypto infrastructure across its diverse payment and liquidity portfolio. In her remarks, Ripple’s president argued that acquiring Fortress will offer the firm endless opportunities to improve customers’ experience and develop its product line.
She added that the collaboration will enable Ripple to explore new opportunities and create additional products that complement each other. The executive affirmed that the acquisition will support Ripple’s becoming a one-stop shop in the enterprise sector.
She anticipates that by joining forces with Fortress, Ripple will be able to convert stores and add more value to blockchain technology. Responding to Ripple’s remarks, the chief executive of Fortress Blockchain Technologies, Scott Purcell, expressed delight in the impending acquisition. He recognized Ripple as the leading innovation company in the blockchain industry.
Ripple Acquires Fortress Trust
The CEO vowed to work closely with Ripple and expand the partnership to the Web3 payment sector. The acquisition will enable Ripple to offer its products and services to over 55 countries.
With the acquisition, Ripple will invest heavily in Fortress Blockchain Technologies and the subsidiary company Fortress Trust. Even though the report failed to disclose the exact figure for the impending acquisition, the investment aligns with Ripple’s expansion plan.
The acquisition expands Ripple’s portfolio of regulatory licenses since Fortress is licensed in Nevada. Ripple holds 30 money transmitter licenses and payment institution license with the monetary authority of Singapore (MAS).
Besides pursuing numerous regulatory licenses in different jurisdictions, Ripple was the first company to leverage blockchain and crypto technologies to address the challenges in cross-border payment. Firstly, Ripple created innovative blockchain-powered payment tools from scratch to support liquidity management, tokenization of assets and development of Central Bank Digital Currencies (CBDCs).
The recent developments of Ripple have enabled the firm to expand its product offering and broaden its market presence to serving millions of customers. The crypto firm plans to continue building revolutionary tools that meet the growing demand for payment solutions.
Additionally, efforts to position the company in a strategic point to flourish has inspired Ripple to seek strategic partnership with key players in the financial sector. A few months ago, the Ripple team sealed a merger and acquisition deal with Metaco at $250 million.
The acquisition of Metaco validated a projection issued by a Ripple executive in January, claiming that the crypto firm will close multiple acquisition deals with businesses in traditional finance before the end of 2023. The proposed acquisition seeks to enable Ripple to support TradeFi startups to unleash their capabilities and attract success.
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