Balanced News: Ripple buys crypto infrastructure startup in its second acquisition of 2023

Cryptocurrency company Ripple has announced its acquisition of crypto infrastructure startup Fortress Trust. The deal will give Ripple a license in Nevada and allow it to expand beyond its core blockchain-enabled payments business. The terms of the deal were not disclosed. Fortress Trust, founded in 2021, aims to help large enterprises interact with digital currencies. Ripple’s previous partnership with MoneyGram, which used its XRP token for instant transfers, ended after a lawsuit from the U.S. Securities and Exchange Commission. Ripple’s acquisition of Fortress Trust follows its purchase of Swiss crypto custody services provider Metaco in May 2023.