Ripple acquires Fortress Trust, which will use Ripple payments tech for FortressPay

Quick Take

  • Ripple has acquired Fortress Trust just a few months after it splashed $250 million on Swiss custody startup Metaco.

Crypto payments firm Ripple continues its acquisitive streak with a deal to purchase Fortress Trust, a blockchain infrastructure firm.

The news comes after a busy summer of deal-making for Ripple, which splashed $250 million to snap up Swiss custody startup Metaco in May and also acquired a stake in Bitstamp, the crypto exchange.

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

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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.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.

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