Ripple Acquires Fortress Trust Used by Swan Bitcoin
Ripple has acquired Fortress Trust few months after it splashed $250 million on Swiss custody startup Metaco. Fortress is used by popular bitcoin exchange Swan Bitcoin, and is being run by former Prime Trust founder and CEO Scott Purcell.
“As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers,” said Ripple CEO Brad Garlinghouse.
"Fortress Trust, which provides financial and regulatory structure for blockchain companies, was formed by Scott Purcell, who has a long history in the industry. He was CEO of crypto custodian Prime Trust until 2020."
The acquisition may put one of the more popular Bitcoin-only businesses Swan Bitcoin into uncomfortable situation yet again. The firm has already been forced to shift custodians earlier this year, prior to the collapse of now-defunct digital asset custodian, Prime Trust.