The news comes after Ripple’s intense deal-making rally, which saw the company spend $250 million to acquire Swiss custody firm Metaco and also purchase a stake in cryptocurrency exchange Bitstamp.
According to the announced agreement today, it appears that Ripple is expanding its regulatory license portfolio. Fortress Trust, a subsidiary of Fortress Blockchain Technologies with a Nevada Trust License, provides infrastructure services to institutional crypto customers through technology and licensing.
Ripple CEO Brad Garlinghouse said in a statement:
As one of the first investors in Fortress Blockchain Technologies, we have had the opportunity to get to know their team, vision, and technology. Since their launch in 2021, they have built an impressive business with recurring revenue and a strong list of customers, both native to crypto and new to crypto.
Ripple became a minority investor in Fortress’ parent company as part of the $22.5 million seed round led by Ayon Capital in 2022. Following today’s undisclosed agreement, Ripple plans to continue investing in Fortress and its FortressPay services, which will now utilize Ripple’s payment technology.
According to today’s announcement, the agreement is still subject to due diligence and regulatory approvals.
Further details of the news are still forthcoming…