Ripple Acquires Trust Company Fortress to Expand Regulatory Footprint

Ripple acquires crypto-focused chartered trust company Fortress Trust. Financial terms not disclosed.
Fortress Trust provides financial/regulatory structure for blockchain companies.
Acquisition adds Nevada to Ripple's regulatory licenses.
Fortress Trust formed by Scott Purcell, former CEO of crypto custodian Prime Trust.
Ripple aims to become one-stop shop for enterprises to convert, store, move value on blockchain.

coindesk.com

Relevant topic timeline:

9/13/2023

Ripple Acquires Fortress Trust After $15M Bitcoin Breach

Ripple's acquisition of Fortress Trust was expedited due to a security breach involving a third-party vendor, which led to Ripple stepping in to compensate customers who lost $12-15 million in the incident.

9/28/2023

Ripple Pulls Out of Fortress Acquisition After Security Breach, Remains Investor

Ripple has decided to back out of its acquisition of Fortress Trust, but will remain an investor in the company's parent company; the decision comes after a security incident involving a third-party analytics vendor resulted in a loss of $12-15 million.

10/4/2023

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10/4/2023

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