Fintech company Ripple has just announced it has reached an agreement to acquire cryptocurrency-focused company Fortress Trust.
The financial terms of the transaction, which have not been disclosed, reportedly need to be reviewed and approved by regulators. It should be noted the amount of the deal has not exceeded $250 million.
Recall that Ripple became a minority investor in Fortress last year as part of a $22.5 million seed round.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
Brad Garlinghouse, CEO of Ripple, has said:
"As an early investor in Fortress Trust, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers."
Fortress Trust, which is a subsidiary of Fortress Blockchain Technologies, licensed in the state of Nevada, provides infrastructure services to enterprise clients focused on digital assets.