Fintech firm Ripple has announced the acquisition of Fortress Trust as the company looks to expand its portfolio of regulatory licenses in the US.

“Today, we are announcing our intent to acquire Fortress Trust”, Ripple announced on the social networking site X. The company added that the acquisition will complement its broad blockchain technology and solutions portfolio.

Despite the regulatory issues Ripple has been facing over the past few years, the firm is still looking to expand its operations to remain highly relevant in the industry.

Fortress Trust offers technology and regulatory infrastructure for blockchain organizations. The firm already possesses a Nevada Trust License that gives it the authority to hold financial assets in custody for clients.

Ripple’s latest acquisition of Fortress Trust indicates that the company hopes to keep expanding its operations, as it now holds more than 30 licenses across the United States.

The licensing complements Ripple’s Core Businesses

While announcing the acquisition of Fortress, Ripple stated that the recent licensing is complementary to its core business operations.

President at Ripple, Monica Long, also commented on the development. “Licenses are a powerful enabler to build and deliver best-in-class customer experiences for enterprises,” she stated.

This is not the first engagement Ripple has had with Fortress Trust. It first invested in the firm last year through a seed round. However, the financial terms of the recent acquisition have yet to be made available to the public as of press time.

Chief Executive Officer of Ripple, Brad Garlinghouse, also commented on the development. He noted that the company has had the opportunity to study the team and its technology, having been one of its early investors. He added that Fortress Trust has built a thriving business with a steady revenue flow from new-to-crypto and crypto-native customers.

Ripple Keeps Closing Deals Despite The Bear Market

The steady progress of Ripple in the acquisition of thriving companies may come as a surprise to market analysts in the heat of the current bear crypto market.

Ripple’s acquisition deals also include the acquisition of Swiss digital asset tokenization provider and custodian Metaco. The deal was worth $250 million. However, those following Ripple’s activities in the market may not seem too surprised, especially following Ripple’s forecast in January. The company revealed that it will embark on a series of acquisitions within the crypto space this year. Ripple also plans to invest in Fortress Blockchain Technology, Fortress Trust’s parent company. The tech firm also wants to add more companies to its acquisitions portfolio before the year’s end.