Ripple (XRP) follows through with its expansion strategy in the crypto sector. Now it is the turn to acquire Fortress Trust, a financial institution that provides Web3 and blockchain financial, regulatory and technology infrastructure.
Summary
Ripple (XRP) and its crypto expansion with the acquisition of Fortress Trust
Ripple (XRP) proceeds with its expansion into the crypto sector by acquiring the financial institution Fortress Trust.
Fortress Trust, a subsidiary of Fortress Blockchain Technologies, is a financial institution that provides licensed Web3 financial, regulatory and technology infrastructure for blockchain innovators.
Not only that, with this acquisition, Ripple is proceeding with its expansion into the crypto sector, as Fortress Trust holds a Nevada trust license.
Specifically, the new company acquired by Ripple, also provides critical infrastructure to address the growing enterprise cryptocurrency market. These solutions complement Ripple’s product and business roadmap.
Ripple’s expansion: collecting regulatory licenses in several countries
Ripple CEO Brad Garlinghouse also spoke about the Fortress Trust acquisition, commenting as follows:
“As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers . We’re excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.”
This crypto news comes just after Ripple acquired crypto custody services provider Metaco in May 2023 for $250 million.
The crypto expansion put in place by Ripple wants to obtain more regulatory licenses in different countries. And indeed, at the moment, Ripple holds through its subsidiaries, licenses in New York, and another 30 licenses in the US, as well as the Major Payment Institution in-principle license from the Monetary Authority of Singapore, the country’s central bank.
Speaking of licenses, Monica Long, President of Ripple specified the following:
“Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises using Ripple’s crypto infrastructure across our payments and liquidity solutions.
Acquiring Fortress Trust affords us a lot of optionality to both improve the current customer experience in our existing products and explore new, complementary products – all in service of becoming the one-stop shop for enterprises looking to convert, store, and move value on blockchain around the world.”
Ripple (XRP): -6.30% dump in the price of the crypto
Over the past 24 hours, Ripple (XRP) has seen a -6.30% price dump. At the time of writing, XRP is worth $0.469.
Yet, again in the past 24 hours, the crypto’s transaction volume remains in the green, increasing by +138%.
At the time of writing, XRP remains in sixth position with a total market cap of over $24.8 billion.
Recently, Ripple has also been in the news about its initiative called the University Blockchain Research Initiative (UBRI). The news is about the involvement of 4 new European universities, with a total investment of $11 million over the past 5 years.
 follows with its expansion strategy in the crypto sector. Now it's time for the acquisition of Fortress Trust.){kind=link}