The blockchain company Ripple has acquired Fortress Trust, a Nevada-based chartered trust organisation with a focus on cryptocurrencies and Web3, the business announced in an email on Friday.
The acquisition’s financial details weren’t made public. When approached by CoinDesk, Ripple declined to provide any information, but a source familiar with the situation stated the cost was lower than the $250 million it spent in May to acquire custody business Metaco.
Along with a New York BitLicense and money transmitter licences in 30 U.S. states, the acquisition expands Ripple’s portfolio of regulatory licences to include Nevada.
Scott Purcell, who has a long history in the sector, founded Fortress Trust, which offers financial and governmental structure for blockchain businesses. Up until 2020, he served as Prime Trust’s CEO. Years after he had left Prime Trust, the business had been put into receivership when fellow custodian BitGo had cancelled its plan to buy it.
In August 2022, as a part of the Web3 infrastructure provider’s seed round, Ripple became a small shareholder in Fortress Blockchain Technologies, which is the parent company of Fortress Trust.
As stated by Monica Long, president of Ripple, the acquisition will help the company further its goal of “becoming the one-stop shop for enterprises looking to convert, store, and move value on blockchain.”