Crypto payments firm Ripple continues its acquisitive streak with a deal to purchase Fortress Trust, a blockchain infrastructure firm.
The deal, announced this morning, expands Ripple’s collection of regulatory licenses. Through technology and licensing, Fortress Trust — a subsidiary of Fortress Blockchain Technologies that holds a Nevada Trust License — offers infrastructure services to enterprise crypto clients.
“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,” said Ripple CEO Brad Garlinghouse, in a statement.
From seed investor to acquirer
Ripple became a minority investor in Fortress’s parent company in 2022 as part of its $22.5 million seed round, which Ayon Capital led.
After today’s deal, terms of which were not disclosed, Ripple plans to continue to invest in Fortress and its FortressPay services — which will now make use of Ripple’s payments technology.
The deal remains subject to due diligence and regulatory approvals, per today’s announcement.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.