Ripple Acquires Crypto Custodian Fortress Trust, Gains Regulatory Footing and New Clients Like Swan Bitcoin

Ripple announces intent to acquire crypto custodian Fortress Trust to expand regulatory infrastructure and crypto solutions.
Acquisition follows Ripple's minority investment in Fortress in August 2022 and $250M purchase of tokenization firm Metaco.
Fortress founded just 2 years ago by Scott Purcell, former head of Prime Trust, which collapsed in 2022.
Acquisition gives Ripple access to Fortress's Nevada trust license and customer base, including clients like Swan Bitcoin.
Near-term no change expected in Fortress operations, but long-term impact on clients like Swan remains uncertain.

decrypt.co

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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.