Ripple to Acquire Fortress Trust

The fintech company Ripple has agreed to acquire Fortress Trust, a crypto-focused trust company.

Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2

— Ripple (@Ripple) September 8, 2023

\n\n\n\n

The financial terms of the deal were not disclosed; the transaction is subject to regulatory review and approval. According to a CoinDesk source, the price was under $250 million.

\n\n\n\n

Ripple became a minority investor in Fortress in 2022 as part of a seed round of $22.5 million.

\n\n\n\n

\n

\”As one of Fortress Blockchain Technologies’ early investors, we had the opportunity to get to know the team, its vision and technology. Since its launch in 2021, they have built an impressive, consistently profitable business with a strong roster of clients, ranging from cryptocurrency users to newcomers,\” said Brad Garlinghouse, Fortress Blockchain Technologies’ CEO.

\n

\n\n\n\n

Fortress Trust — a Nevada-licensed subsidiary of Fortress Blockchain Technologies — provides infrastructure services to corporate clients focused on digital assets.

\n\n\n\n

Earlier in May, Ripple and the Switzerland-based crypto custodian Metaco agreed to acquire the latter. The deal amount will be $250 million.