Ripple dropped its intended acquisition of blockchain financial infrastructure provider Fortress Trust.
Ripple Has Backed Out Of Its Deal To Acquire Fortress Trust
Ripple dropped its intended acquisition of blockchain financial infrastructure provider Fortress Trust. Ripple announced in September that it will purchase Fortress in a cash-and-equity transaction, but CEO Brad Garlinghouse has now stated that the merger will not take place as planned. Garlinghouse recognized Fortress' excellent team and customer-focused solutions, and said that Ripple will continue to support the company.
Ripple was an early investor in Fortress and will keep its stake even though the purchase fell through. Days after the initial transaction announcement, Fortress CEO Scott Purcell revealed the company had been hacked, resulting in up to $15 million in crypto asset losses, which were compensated.
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