Brad Garlinghouse, CEO of cryptocurrency company Ripple, announced that the company has decided not to proceed with its direct acquisition of Fortress Trust. A few weeks ago, Ripple signed a letter of intent to acquire the company, but has since changed course.
Despite this change in plans, Ripple will continue to be an investor in Fortress Trust. Garlinghouse praised the Fortress team for their talent and ability to create products that solve real customer problems.
Although the outcome was different than originally planned, Ripple intends to continue supporting the Fortress Trust and hopes to collaborate with them in the future.
Fortress Trust is a platform that provides secure and compliant custody, trading and reporting services for digital assets. The company claims to have more than 100 institutional clients, including hedge funds, family offices and stock exchanges. Fortress Trust supports XRP as well as other cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
*This is not investment advice.