Ripple has abandoned its acquisition of cryptocurrency-focused trust firm Fortress Trust. This was announced by the CEO of the fintech company Brad Garlinghouse.
A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in @Fortress_io.
— Brad Garlinghouse (@bgarlinghouse) September 28, 2023
“Several weeks ago we signed a letter of intent to acquire Fortress Trust – since then we have decided not to take any steps towards an outright purchase,” Garlinghouse explained.
According to him, Ripple remains an investor and will continue to support the firm.
Fortress CEO Scott Purcell told Decrypt that the California-based company is “focused only on pure B2B and institutional global business.”
“We were a way for them to diversify into B2B2C“, he added.
Purcell clarified that Fortress knew about the change in Ripple’s decision. The firms have a “strong relationship with joint plans for the future” that do not involve a merger, he said.
Let us remember that Ripple announced a possible deal in early September. According to media reports, the estimated price did not exceed $250 million.
The fintech company previously acquired Swiss-based crypto custodian Metaco.
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