Ripple Won't Go Forward With Acquisition of Fortress Trust
Ripple previously announced its intent to acquire Fortress Trust on September 8.
- "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," Ripple's CEO Brad Garlinghouse said on X.
"The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future," he added.
- Fortress Trust was formed as is being led by Scott Purcell, who was CEO of bankrupt crypto custodian Prime Trust until 2020.
