Ripple Cancels Plan to Buy Fortress Trust

Ripple said it won't go forward with its outright acquisition of Nevada-based chartered trust company Fortress Trust. "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 social media platform X (formerly Twitter). Ripple said on Sept. 8 that it intended to buy Fortress for an undisclosed amount. At the time, a person with knowledge of the matter said the price tag was less than the $250 million Ripple paid for custody firm Metaco in May. The day before, Fortress Trust disclosed a theft of customers’ cryptocurrency.

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