Ripple Expands Its Arsenal: Fortress Trust Joins The Acquisition Lineup
Ripple, a prominent cryptocurrency firm, has announced its acquisition of Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technology infrastructure for blockchain innovators. With a focus on providing back-end infrastructure for payments, asset tokenization, and other services, Fortress Trust serves a wide range of clients, from Fortune 500 businesses to fintech startups, […]
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In a surprising turn of events, Ripple CEO Brad Garlinghouse announced that the company has decided to abandon its direct acquisition of financial institution Fortress Trust. The decision marks a significant departure from Ripple’s earlier intention to acquire the firm, as they had signed a letter of intent just a few weeks ago. However, Garlinghouse […]
Ripple Labs, the creators and developers of the Ripple network, have appointed Donald Donahue, former CEO of The Depository Trust & Clearing Corporation (DTCC), as an adviser. The new addition to the advisory board comes amid the digital currency startup's efforts to push adoption of the Ripple payment network onto banks and financial institutions. DTCC is one of the largest clearing houses of securities and derivatives in the United States, processing $1.6 quadrillion worth of transactions last year. It is also one of the largest clearing houses in the world. "I'm very interested in the....
Fortress Investment Group purchased $20m worth of bitcoins last year, according to a recent filing with the SEC. Back in December it was rumoured that Fortress had plans to launch a bitcoin investment fund. The news was first reported by CNN, but it could not be confirmed until now. Fortress is said to be developing a new investment vehicle based on bitcoin which is expected to be an unlisted Exchange Traded Fund (ETF). The move appears to have been connected to San Francisco-based Pantera Capital. Pantera then registered an investment advisor entity called Pantera Bitcoin Advisors LLC and....
New York City-based Fortress Investment Group, a publicly traded company, is reportedly planning to launch a bitcoin investment fund. It's being reported that the investment vehicle may be an unlisted Exchange Traded Fund (ETF). It appears that there might be some association between Fortress's effort and that of San Francisco-based Pantera Capital. Pantera, which has as clients some Fortress executives, has filed with the Securities and Exchange Commission (SEC) an investment advisor entity called Pantera Bitcoin Advisors, LLC. The filing shows Pantera Capital as the owner of the LLC,....
Fortress Investment Group is the first large public company to file Bitcoin holdings with the SEC. (NYTimes) Fortress Financial Group LLC, an asset manager worth $4.25 billion, reported in its annual SEC filing a $3.7 million unrealized loss in bitcoin holdings. I wouldn't feel too bad for Fortress though, as its latest financial report includes this statement by CEO Randy Nardone: “It was an outstanding year for Fortress, driven by strong investment performance across virtually all asset classes and funds. Full year distributable earnings per share increased by nearly 70% over 2012, and....