- Ripple paid $250 million in May to acquire Swiss custody services startup Metaco and also bought shares in the cryptocurrency exchange Bitstamp.
- As a subsidiary of Fortress Blockchain Technologies, Fortress Trust offers infrastructure services to institutional crypto clients.
- Ripple plans to continue investing in Fortress and the FortressPay services, which will now use Ripple’s payment technology.
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Ripple continues to grow and expand its plans; The company announced that it has acquired the subsidiary of Fortress Blockchain Technologies.
Ripple Acquires Infrastructure Firm
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Cryptocurrency payment company Ripple continues to take steps in its growth path with the acquisition of blockchain infrastructure firm Fortress Trust.
This news comes after a busy period of deals for Ripple. In May, Ripple paid $250 million to acquire Swiss custody services startup Metaco and also bought shares in the cryptocurrency exchange Bitstamp.
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The announced deal today expands Ripple’s collection of regulatory licenses. Fortress Trust, a subsidiary of Fortress Blockchain Technologies with a Nevada Trust License, provides infrastructure services to institutional crypto clients.
Ripple CEO Brad Garlinghouse said:
“As early investors in Fortress Blockchain Technologies, we’ve had the opportunity to get to know the team, their vision, and their technology. Since launching in 2021, they have built an impressive business with recurring revenue and a strong roster of both crypto-native clients and new entrants to the crypto world.”
From Seed Investor to Acquisition
Ripple became a minority investor in the parent company of Fortress as part of a $22.5 million seed round led by Ayon Capital in 2022.
Following today’s undisclosed deal, Ripple plans to continue investing in Fortress and the FortressPay services, which will now utilize Ripple’s payment technology.
The deal remains subject to audit and regulatory approvals, according to today’s announcement.