A startup that specializes in crypto infrastructure, Fortress Trust, will be acquired by cryptocurrency corporation Ripple on Friday. This will grant it a Nevada license and help it to grow outside its primary business of blockchain-enabled payments. The conditions of the arrangement were kept a secret by Ripple.
Fortress Trust was established in 2021 by Scott Purcell, a businessman with experience in equity and debt crowdfunding, to assist big businesses when dealing with cryptocurrencies. Purcell previously served as CEO of Prime Trust, a cryptocurrency custodian that closed when BitGo backed out of a plan to buy the company.
Ripple is one of the most well-known cryptocurrency companies as a cross-border payments firm. To approve speedy transactions within network banks and other financial institutions, the company likes to use the blockchain-based messaging system.
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