- Ripple announces its decision to acquire Fortress Trust, expanding its portfolio of regulatory licenses.
- Crypto enthusiast Yassin Mobarak shares his ecstasy as well as skepticism about Ripple’s development.
- Ripple CEO Brad Garlinghouse comments that Fortress Trust’s technology and licensing best suits Ripple’s services.
Leading crypto payments firm Ripple recently announced its decision to acquire the blockchain infrastructure firm Fortress Trust, a subsidiary of Fortress Blockchain Technologies. In response to Ripple’s cutting-edge development, Crypto enthusiast Yassin Mobarak shared a Twitter thread conveying both his ecstasy and skepticism.
On September 8, Ripple took to Twitter to declare their groundbreaking decision to purchase Fortress Trust, with the intention to enlarge the platform’s portfolio of regulatory licenses. Recently, Ripple has also announced its expansion of the University Blockchain Research Initiative (UBRI) by partnering with four new universities including Trinity College Dublin, EPITA in France, IE University in Spain, and the University of Trento in Italy.
According to Ripple’s President Monica Long, “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises”. In addition, Ripple CEO Brad Garlinghouse’s words reiterated that Fortress Trust’s technology and licensing best suit Ripple’s services. He cited:
As an early investor in Fortress Blockchain Technologies, 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.
It is noteworthy that the crypto community received the news wholeheartedly. Many comments pointed out that the community is optimistic about the collaboration of Ripple and Fortress Trust. The digital asset investment platform iTrustCapital commented, “We look forward to gaining some great new partners on the Fortress + Ripple team”. However, Mobarak’s comments reflected a mixture of both optimism and pessimism. His tweet read:
As a Ripple stock holder, I’m thrilled by this announcement. As an XRP digital asset holder, I’m not so sure yet.
Ripple has been a minority investor in Fortress Blockchain Technologies since 2022, as part of its $22.5 million investment. However, details regarding the latest transactions and other financial dealings as part of Ripple’s acquisition of the firm remain unrevealed.