Ripple, a blockchain company, announced on Friday that it has bought Fortress Trust, a crypto and Web3-focused chartered trust firm based in Nevada.
The announcement did not reveal the financial details of the deal.
CoinDesk contacted Ripple for more information, but the company did not share any.However, a source familiar with the matter said that Ripple paid less than the $250 million it spent on acquiring Metaco, a custody provider, in May.
With this purchase, Ripple has obtained a regulatory license in Nevada, adding to its existing licenses in New York and 30 other U.S. states.
Ripple had previously invested in Fortress Trust’s parent company, Fortress Blockchain Technologies, in August 2022, when the Web3 infrastructure provider raised its seed round.