Fortress is a Trust based in Nevada that is regulated and certified to offer custodial services. Ripple Labs officials have confirmed accruing 30 licenses across USA. On this account, Ripple has expanded the portfolio of regulatory licenses in the country.
The digital payment services provider specializing in crypto-based services has now acquired Fortress Trust. Ripple has verified the acquisition attested with the official filings announced on 8th September.
Fortress Trust also offers regulatory support and technical infrastructure for Ripple. The company is licensed to operate as a Trust and offers legally viable custodial services. This acquisition adds to the 30 certifications of Ripple Labs.
At the same time, the blockchain services company is also working with BitLicense in New York as money transmitter. But with the latest acquisition it will now be able to operate as a digital currency business in the big apple state.
Ripple President Monica Long has recently shared some insights regarding the new business venture. She maintained that licenses are a strong foundation for the firm to ensure the best-in class user experience.
In accordance with her announcement, she maintained that Fortress Trust is going to complement their business and future ventures. The firm started to invest in the Trust in 2022 starting with a funding event.
However, Ripple has refrained from disclosing the particulars about contract details and immediate plans of the venture. The investors at Fortress Blockchain Technology have maintained that they are cooperating with the team; understand their vision and underlying technology.
Ripple execs retained that since 2021; the company has generated impressive results and maintained strong goodwill among its existing and prospect consumers. In addition to the preceding words, Ripple CEO Brad Garlinghouse also praised the impressive business acumen of the Trust.
Ripple Continues Its Expansion Despite SEC Lawsuit
Ripple has continued its expansion in joining new ventures with businesses across the crypto sector. The firm acquired Metaco in May, which is a Swiss digital asset custodial service and tokenized products developer.
Ripple confirmed the acquisition for $250 million. The Ripple executive in January projected that the firm is planning to sign deals with a series of entities in the blockchain industry.
At the same time, Ripple intends to invest stakes in the parent company namely Fortress Blockchain Technologies. Ripple is active in more than 55 nations and working with various financial enterprises to offer payment services.
Meanwhile, Ripple CTO David Schwartz shared a new feature on XRPL on social media. The executive denoted XLS-30 AMM as the best feature present on the smart contract hub. Ripple community is invited to vote and bring the nominated feature to XRPL main net.
This feature allows investors to conduct arbitrage as a way to find the best bidding deals and reduce the chances of impermanent loss for native liquidity providers. One Ripple community member has postulated that this AMM harbors a stable liquidity that mitigates the risk of losses making it pivotal for the firm to achieve its goals.
Schwartz intends to introduce a barrage of new innovations to the company’s payment channels. At the same time, the firm has also reported a new milestone for cross-chain bridging features in the form of sidechain architecture.