- September 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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Ripple (XRP) Expands its Crypto Presence through the Acquisition of Fortress Trust
Ripple (XRP) has taken another step in its expansion strategy in the crypto sector by acquiring Fortress Trust, a financial institution that specializes in providing Web3 and blockchain financial, regulatory, and technology infrastructure.
Ripple (XRP) and Its Crypto Expansion with the Acquisition of Fortress Trust
Ripple (XRP) is continuing its expansion into the crypto sector with the recent acquisition of financial institution Fortress Trust. This acquisition allows Ripple to strengthen its presence in the industry and enhance its blockchain solutions for finance.
Fortress Trust, a subsidiary of Fortress Blockchain Technologies, offers licensed Web3 financial, regulatory, and technology infrastructure to blockchain innovators. This acquisition supports Ripple’s expansion plans and brings valuable expertise to their product and business roadmap.
Ripple’s Expansion: Collecting Regulatory Licenses in Several Countries
Brad Garlinghouse, Ripple’s CEO, expressed his enthusiasm about the Fortress Trust acquisition, stating, “WeÔÇÖre excited to bring on this team and its technology to accelerate our business and continue pressing our advantage in the areas critical to crypto infrastructure.”
This acquisition follows Ripple’s previous acquisition of crypto custody services provider Metaco in May 2023 for $250 million. Ripple’s strategy is focused on obtaining more regulatory licenses in different countries. With subsidiaries holding licenses in New York, 30 licenses in the US, and a Major Payment Institution in-principle license from the Monetary Authority of Singapore, Ripple aims to enhance customer experiences for enterprises using its crypto infrastructure.
Monica Long, President of Ripple, affirmed the significance of licenses, stating, “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises using RippleÔÇÖs crypto infrastructure across our payments and liquidity solutions. Acquiring Fortress Trust affords us a lot of optionality to both improve the current customer experience in our existing products and explore new, complementary products ÔÇô all in service of becoming the one-stop shop for enterprises looking to convert, store, and move value on the blockchain around the world.”
Ripple (XRP): -6.30% Dump in the Price of the Crypto
In the past 24 hours, Ripple (XRP) has experienced a -6.30% price drop, with XRP currently valued at $0.469. Despite the price decrease, the crypto’s transaction volume has increased by +138% during the same period. As of now, XRP holds the sixth position in terms of market capitalization, with a total value exceeding $24.8 billion.
Additionally, Ripple has made headlines with its University Blockchain Research Initiative (UBRI), which involves the participation of four new European universities. This initiative has received a total investment of $11 million over the past five years, showcasing Ripple’s commitment to fostering blockchain research and education.
With the acquisition of Fortress Trust, Ripple’s expansion into the crypto sector is further supported. By leveraging the expertise and technology brought by Fortress Trust, Ripple can strengthen its position in the market and offer comprehensive blockchain solutions for finance. The AI legalese decoder can assist with understanding and deciphering complex legal terms and documents related to this acquisition, providing valuable insights for legal professionals and industry experts.
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