Nothing

United

Fortress

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/09/29/c81e1281a09b22f3a10ef6f1e2310f57.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/09/29/c81e1281a09b22f3a10ef6f1e2310f57.webp 800w, https://cdn.thebittimes.com/images/2023/09/29/c81e1281a09b22f3a10ef6f1e2310f57.webp 450w, https://cdn.thebittimes.com/images/2023/09/29/c81e1281a09b22f3a10ef6f1e2310f57.webp 750w, https://cdn.thebittimes.com/images/2023/09/29/c81e1281a09b22f3a10ef6f1e2310f57.webp 768w" sizes="(max-width: 800px) 100vw, 800px"> 
CEO Brad Garlinghouse, at the helm of Ripple, took to X, their chosen platform for communication, to deliver a surprising update. In a twist of events just within 20 days of unveiling their intent to acquire Fortress Trust, Ripple, a prominent player in the financial technology sector, has decided to withdraw from the proposed transaction. 
In an <a rel="noopener noreferrer nofollow" title="announcement" href="https://thebittimes.com/tag/announcement.html">announcement</a> posted by <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a>’s CEO Brad Garlinghouse on X (formerly known as Twitter), dated September 28, the unexpected decision was unveiled: “we’ve since made the decision not to move forward with an outright <a rel="noopener noreferrer nofollow" title="Acquisition" href="https://thebittimes.com/tag/acquisition.html">Acquisition</a>.” However, it’s essential to note that <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a> is not severing all ties; they will maintain their status as a shareholder in <a rel="noopener noreferrer nofollow" title="Fortress" href="https://thebittimes.com/tag/fortress.html">Fortress</a> Trust’s parent company, <a rel="noopener noreferrer nofollow" title="Fortress" href="https://thebittimes.com/tag/fortress.html">Fortress</a> Blockchain Technologies. 
The initial revelation of Ripple’s acquisition plan on September 8 was met with widespread surprise, even among insiders at the company, as per reports from Cointelegraph. At the time, Ripple had outlined broader intentions, expressing a desire to invest in other companies within the Fortress group, including their affiliated entity, FortressPay. 
However, this narrative took an abrupt turn a few days later when Fortress Trust acknowledged that the acquisition had been expedited due to a security incident involving a third-party analytics vendor. Speaking with Fortune, Fortress CEO Scott Purcell disclosed that the attack had inflicted a substantial financial blow, resulting in losses ranging from $12 million to $15 million, primarily comprised of Bitcoin, along with minor holdings of USD Coin and Tether. It was at this juncture that Ripple, a long-standing investor in Fortress since its inception in 2022, stepped in to remediate the losses incurred by customers. 
In remarks provided to Cointelegraph, Purcell attempted to downplay the significance of the merger’s cancellation, asserting that “it’s not a big deal.” He clarified that the decision had no direct connection to the security incident, stating, “They are an investor in Fortress and a valuable partner. Nothing changes there,” signaling continuity in their partnership. 
Despite attempts to obtain insights from <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a>, the company declined to provide additional comments beyond the CEO’s public statement. This development occurs in the backdrop of <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a>’s ongoing high-stakes legal battle with the United States Securities and Exchange Commission, adding a layer of complexity to the situation. However, it’s worth noting that this turn of events could potentially have far-reaching implications, benefiting other enterprises with ties to <a rel="noopener noreferrer nofollow" title="Fortress" href="https://thebittimes.com/tag/fortress.html">Fortress</a>. 
For instance, Swan Bitcoin, in collaboration with BitGo, has been diligently working towards establishing a Bitcoin-exclusive trust company within the United States. This venture is currently pending regulatory approval. Fortress Trust, prior to the dissolution of the Ripple deal, had a role in safeguarding records for Swan. However, with the deal’s termination, Swan’s involvement in Ripple’s U.S. operations comes to an end. 
The post 20 days after the announcement, Ripple withdraws from the Fortress acquisition. appeared first on BitcoinWorld. 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/20-days-after-the-announcement-ripple-withdraws-from-the-fortress-acquisition-tbt64501.html">https://thebittimes.com/20-days-after-the-announcement-ripple-withdraws-from-the-fortress-acquisition-tbt64501.html</a>

20 days after the announcement, Ripple withdraws from the Fortress acquisition.

TheBitTimes

Other articles published on Sep 29, 2023

Coinbase Receives Regulatory Nod for Retail Perpetual Futures Trading

Cosmos plans to attract Ethereum developers in 2024

Coinbase Makes Bid for Derivatives Dominance in Post-FTX Market

Epic Games increases Fortnite V-Bucks prices as inflation mounts

Trading Experience Using A Variety Of Crypto Bots

Is a meme rally coming? Whales SHIB buying as Shiba Memu presale crosses $3.4m

Join our free newsletter for daily crypto updates!