The acquisition adds further wind beneath Ripple’s wings after its partial win against the SEC in July.
Highlights
- Ripple announced Friday its acquisition of Fortress Trust, a company with a license in Nevada.
- The details of the acquisition were not disclosed, but a spokesperson for Ripple said it bought Fortress Trust with a mix of cash and equity.
- Ripple is perhaps best known for its ongoing fight with the Securities and Exchange Commission.
- In July, a federal judge partially ruled in Ripple’s favor in what many observers saw as a win for the crypto industry.
- The company also acquired Metaco, a crypto custodian, for $250 million in May, one of the largest acquisitions of a crypto company this year.
- The acquisition adds to a pool of regulatory permits that Ripple has recently amassed, which includes 30 state money-transmitter licenses.
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Approximately $50B worth of Bitcoin are now held by ETFs, countries, public and private companies.