Ripple has decided against the outright acquisition of Fortress Trust after previously signing a letter of intent, according to CEO 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," Garlinghouse posted on X (formerly Twitter).
"The Fortress team is incredibly talented, and has built products solving real customer problems," Garlinghouse added. "While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future!"
Ripple previously announced the intended deal to acquire Fortress Trust on Sept. 8, planning it to use its payments tech for FortressPay, just a few months after it splashed $250 million on Swiss custody startup Metaco.
Ripple later confirmed it covered losses suffered by customers of the blockchain infrastructure startup after a third-party security incident as part of the deal.
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