In a surprising turn of events, Ripple CEO Brad Garlinghouse announced that the company has decided to abandon its direct acquisition of financial institution Fortress Trust.
The decision marks a significant departure from Ripple’s earlier intention to acquire the firm, as they had signed a letter of intent just a few weeks ago.
However, Garlinghouse emphasized that Ripple will continue supporting and investing in Fortress Trust, expressing admiration for their talented team and innovative solutions to real customer problems.
Ripple Changes Course
The initial announcement of Ripple’s intent to acquire Fortress Trust generated considerable buzz within the cryptocurrency community. Fortress Trust, known for its Web3 financial, regulatory, and technology infrastructure for blockchain innovators, seemed like an ideal fit for Ripple’s expansion plans.
Garlinghouse, in particular, had expressed enthusiasm for the acquisition, pointing out the existing relationship between the two companies as early investors in Fortress Blockchain Technologies.
One notable aspect of the proposed acquisition was the potential expansion of Ripple’s regulatory licenses. Fortress Trust holds a coveted Nevada Trust license, and its incorporation into Ripple’s portfolio would have strengthened its regulatory standing.
However, with the cancellation of the acquisition, Ripple will not gain direct access to the Nevada Trust license. While the decision to abandon the purchase may have surprised many, Garlinghouse assured that Ripple’s collaboration with Fortress Trust is not entirely off the table.
The company remains committed to supporting Fortress Trust and expressed hopes of future collaboration. Garlinghouse stated:
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Author: Ronaldo MarquezDid you like this?
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