Fintech company Ripple has entered into a deal to acquire cryptocurrency-focused trust firm Fortress Trust.
Today, we are announcing intent to acquire Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2
— Ripple (@Ripple) September 8, 2023
The financial terms of the deal were not disclosed and are subject to regulatory review and approval. The price was less than $250 million, according to a CoinDesk source.
Ripple became a minority investor in Fortress in 2022 as part of a $22.5 million seed round.
“As one of the first investors in Fortress Blockchain Technologies, we had the opportunity to get to know the team, its vision and technology. Since launching in 2021, they have built an impressive business with steady income and a strong client roster of both crypto users and newcomers,” said Brad Garlinghouse, CEO of the firm.
Fortress Trust, a subsidiary of Nevada-licensed Fortress Blockchain Technologies, offers infrastructure services to digital asset-focused enterprise clients.
Recall that in May, Ripple and the Swiss-based crypto-custodian Metaco agreed to take over the latter. The deal will amount to $250 million.
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