Bitcoin

Fortress

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 <p class="is-style-lead">On Sep. 28, in a post on X, Brad Garlinghouse, the CEO, revealed that Ripple has chosen not to <a rel="noopener noreferrer nofollow" title="acquire" href="https://thebittimes.com/tag/acquire.html">acquire</a> 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 <a rel="noopener noreferrer nofollow" title="acquire" href="https://thebittimes.com/tag/acquire.html">acquire</a> Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in @Fortress_io.</p>— Brad Garlinghouse (@bgarlinghouse) September 28, 2023 
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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;lose&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 <a rel="noopener noreferrer nofollow" title="acquire" href="https://thebittimes.com/tag/acquire.html">acquire</a> Fortress Trust, part of the @Fortress_io suite of companies. Fortress Trust’s financial and regulatory infrastructure complements and expands Ripple’s comprehensive portfolio of blockchain solutions for finance. https://t.co/LIl3cPEur2</p>— Ripple (@Ripple) September 8, 2023 
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 <p>Ripple initially guaranteed to&nbsp;compensate&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> <span class="google-news-banner__label">Follow Us on Google News</span> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-backs-out-won-t-acquire-fortress-trust-tbt64569.html">https://thebittimes.com/ripple-backs-out-won-t-acquire-fortress-trust-tbt64569.html</a></p>

Ripple backs out, won’t acquire Fortress Trust

TheBitTimes

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