In a strategic step to strengthen its operations in blockchain and crypto payments solutions, Ripple has announced its acquisition of Fortress Trust, a subsidiary of Fortress Blockchain Technologies. The partnership targets enterprises in the blockchain, conversion, storage, and value transfer sectors.

Fortress Trust is a licensed Web 3 financial institution specializing in regulatory compliance and technology infrastructure for blockchain companies. Its acquisition follows Ripple's recent deal to acquire Metaco, a crypto custody provider, for USD $250 million.

Ripple Expands Operations

Brad Garlinghouse, the CEO of Ripple, said: "As an early investor in Fortress Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Technologies, we have had a chance to get to know the team, its vision, and technology. Since their launch in 2021, they have built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers."

With the acquisition of Fortress Trust, Ripple's portfolio of regulatory licenses has increased. Fortress Trust holds a Trust license in Nevada, which adds to Ripple's existing licenses, including a BitLicense in New York and over 30 Money Transmitter licenses across the US. Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term expects that these licenses will position it as a reliable brand among enterprises amid a legal tussle with the SEC.

Last month, Judge Analisa Torres granted the SEC a request to proceed with an appeal against a recent court ruling, which declared that Ripple's sale of XRP cryptocurrency on digital asset exchange did not violate securities regulations. This decision sets the stage for the SEC to present its case for an interlocutory appeal.

The SEC argued that its pursuit of an interlocutory review is warranted because the issues at hand involve substantial legal questions with differing opinions. According to the regulator, Ripple's case has the potential to impact other pending cases.

Ripple's Legal Battle with SEC

As reported by Finance Magnates, Stuart Alderoty, Ripple's Chief Legal Officer, has contested the SEC's basis for pursuing an interlocutory appeal. He believes that there are no extraordinary circumstances justifying an appeal before the issues involving all the parties have been resolved.

A separate opinion issued by Judge Jed Rakoff in the same federal court contradicted the XRP ruling. Judge Rakoff's opinion asserted that cryptocurrencies should be considered securities regardless of the context in which they are sold.

Ripple, best known for its blockchain-based solutions, aims to address the challenges in cross-border payments using blockchain and cryptocurrency technology. Over the years, Ripple has expanded its product suite to tackle new use cases, such as liquidity management, tokenization, and Central Bank Digital Currencies (CBDCs).