Founded in 2021 by Scott Purcell, an entrepreneur with a background in equity and debt crowdfunding, Fortress Trust aims to help large enterprises interact with digital currencies.
The company uses a blockchain-based messaging system, akin to SWIFT, to approve speedy transactions between a network of banks and other financial institutions.
A Ripple spokesperson declined to comment on the size of the deal but said that it is less than the sum Ripple paid to buy Metaco.
Ripple also obtained a Nevada trust with its acquisition of Fortress Trust, adding to its growing list of regulatory permits globally.
The company told CNBC previously it was also looking to get an e-money license with the Irish central bank.
Persons:
Brad Garlinghouse, Ripple, Scott Purcell, Purcell, BitGo, SWIFT, Britain's, Singapore's, XRP, Stu Alderoty
Organizations:
Trust, Prime Trust, SBI, U.S . Securities, Exchange Commission, MoneyGram, CNBC, Monetary Authority of, Fortress Trust
Locations:
Austin , Texas, Nevada, U.S, Swiss, Fortress Trust's, York, New York, Monetary Authority of Singapore, Irish