Bitcoin

Fortress

<p class="is-style-lead">On Sep. 28, in a post on X, Brad Garlinghouse, the CEO, revealed that Ripple has chosen not to acquire Fortress Trust. Instead, they will continue to be an investor in the blockchain-based payment network.</p> 
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   <p lang="en" dir="ltr">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 <a href="https://twitter.com/Fortress_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Fortress_io</a>.</p>— Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1707455045942292954?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 28, 2023</a> 
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<p>The blockchain firm behind On-Demand Liquidity (ODL), a solution using XRP, decided not to proceed with the acquisition following a hack that saw Fortress Trust&nbsp;<a href="https://fortune.com/crypto/2023/09/12/fortress-trust-12-to-15-million-hack-bitcoin-usdc-usdt-ripple/" target="_blank" rel="noopener noreferrer nofollow">lose</a>&nbsp;between $12 to $15 million in Bitcoin (BTC), USDT, and USDC, on Sep. 12.&nbsp;</p> 
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   <p lang="en" dir="ltr">Today, we are announcing intent to acquire Fortress Trust, part of the <a href="https://twitter.com/Fortress_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Fortress_io</a> suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. <a href="https://t.co/LIl3cPEur2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/LIl3cPEur2</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1700164699743048072?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 8, 2023</a> 
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<p>Ripple initially guaranteed to&nbsp;<a href="https://crypto.news/ripple-covers-fortress-trust-users-losses/" target="_blank" rel="noopener noreferrer nofollow">compensate</a>&nbsp;Fortress Trust clients for their losses as part of the acquisition deal. </p> 
<p>Despite this setback, Garlinghouse praised the skilled team at Fortress and expressed interest in collaborating with them in the future.</p> 
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<p>Ripple will continue to invest in the company, including Fortress and its FortressPay services, as long as their original intentions remain intact.&nbsp;</p>

Ripple backs out, won’t acquire Fortress Trust

crypto.news

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