Ripple Buys Fortress Trust a Crypto Custody Firm
Ripple buys Fortress Trust, gaining more permissions in digital currency. This follows their $250M purchase of Metaco. They aim for better customer service.
Ripple, a major tech company in digital currency, announced its purchase of Fortress Trust. Brad Garlinghouse, Ripple's CEO, said they believed in Fortress Trust early and invested in them. The company started in 2021 and has done very well. Ripple did not share the price but said they used cash and shares to pay.
Earlier, Ripple spent $250 million to buy Metaco, a company that keeps digital money safe. This helped Ripple offer more products. Now, with buying Fortress Trust, Ripple has more official permissions. This is because Fortress Trust has a special Nevada Trust license.
This license means Fortress Trust can keep and manage digital assets, like cryptocurrencies, safely. Monica Long from Ripple noted that this will help give better services to their customers. It also lets Ripple think about new product ideas.
Recently, a company called Swan Bitcoin also trusted Fortress Trust to manage their assets.
