This article has been republished with permission from Binance News.
According to Foresight News, Ripple has agreed to acquire Fortress Trust, a chartered trust company focused on cryptocurrency and Web3. Fortress Trust provides critical infrastructure to meet the needs of the enterprise cryptocurrency market, complementing Ripple’s business and product roadmap. Following the completion of the Fortress Trust transaction, Ripple plans to invest in Fortress Blockchain Technologies, the parent company of Fortress Trust, and its FortressPay service, which will leverage Ripple’s global technology to provide innovative payment solutions for B2B customers worldwide.
With this acquisition, Ripple expands its regulatory permissions, as Fortress Trust holds a Nevada trust license. Currently, Ripple and its other subsidiaries jointly hold a New York BitLicense, over 30 money transmitter licenses across the United States, and a principle-based major payment institution license issued by the Monetary Authority of Singapore, the central bank of Singapore.