Ripple has decided not to proceed with its previously announced acquisition of Fortress Trust. Originally announced on September 8, the intent was for Ripple to purchase Fortress Trust through a combination of cash and equity.
Brad Garlinghouse, Ripple’s CEO, lauded the Fortress team for their immense talent and their solutions to real customer challenges. Despite the change in acquisition plans, Garlinghouse indicated on X (previously known as Twitter) that Ripple remains supportive of Fortress Trust and is keen to explore future collaborations.
Who is Fortress Trust?
Fortress Trust is recognized for offering licensed Web3 financial, regulatory, and tech infrastructure solutions to pioneers in the blockchain space. Notably, Ripple had invested in the firm earlier and, as Garlinghouse pointed out, intends to maintain its stake in Fortress.
Fortress Trust has yet to comment on Ripple’s decision to withdraw from the acquisition, according to Blockworks.