{"id":165054,"date":"2023-09-29T12:58:33","date_gmt":"2023-09-29T07:28:33","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=165054"},"modified":"2023-09-29T12:58:33","modified_gmt":"2023-09-29T07:28:33","slug":"ripple-pulls-plug-on-proposed-fortress-trust-acquisition-deal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ripple-pulls-plug-on-proposed-fortress-trust-acquisition-deal-crypto-news\/","title":{"rendered":"Ripple Pulls Plug on Proposed Fortress Trust Acquisition Deal &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p dir=\"ltr\">Blockchain firm Ripple has canceled its plans of an outright acquisition of Fortress Trust, a development that marks a significant U-turn from the former\u2019s previous intention to purchase the company roughly three weeks earlier.<\/p>\n<p dir=\"ltr\">However, Ripple plans to keep supporting Fortress while stating that it will continue to be an investor in Fortress Trust\u2019s parent company.<\/p>\n<ul>\n<li dir=\"ltr\">Ripple CEO Brad Garlinghouse took to X to announce the news, stating that the outcome was different from the original plan to buy Fortress Trust.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">A few weeks ago, we signed a letter of intent to acquire Fortress Trust \u2013 we\u2019ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Fortress_io?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">@Fortress_io<\/a>.<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1707455045942292954?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">September 28, 2023<\/a><\/p>\n<\/blockquote>\n<ul>\n<li dir=\"ltr\">While Garlinghouse did not state the reason for the termination, the Ripple chief said his company \u201cwill remain an investor\u201d in Fortress Blockchain Technologies, the parent company of Fortress Trust.<\/li>\n<li dir=\"ltr\">As stated by Garlinghouse in the tweet:<\/li>\n<\/ul>\n<blockquote>\n<p dir=\"ltr\">\u201cThe Fortress team is incredibly talented and has built products solving real customer problems. While this outcome is different from what was originally planned, we\u2019ll continue to support them and hope to work together in the future.\u201d<\/p>\n<\/blockquote>\n<ul>\n<li dir=\"ltr\">The relationship between Ripple and Fortress goes back to 2022, after the former participated in the latter\u2019s seed funding, becoming a minority investor in the company.<\/li>\n<li dir=\"ltr\">As previously reported by <em>CryptoPotato<\/em>, Ripple, on Sept. 8, announced that it had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/ripple-xrp-will-acquire-crypto-focused-financial-institution-fortress\/\" data-wpel-link=\"internal\">agreed to buy<\/a> Fortress Trust shortly after purchasing crypto custody provider Metaco for $250 million.<\/li>\n<li dir=\"ltr\">The proposed Fortress Trust acquisition would have expanded Ripple\u2019s collection of regulatory licenses, as the former has a Nevada Trust license. A day before the acquisition plans, on Sept. 7, Fortress announced that one of its third-party vendors suffered a security breach that affected four clients.<\/li>\n<li dir=\"ltr\">Ripple later <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/ripple-helps-fortress-customers-recover-funds-as-part-of-acquisition-deal\/\" data-wpel-link=\"internal\">stepped in<\/a> to make the four affected customers whole as part of the acquisition deal, although neither Ripple nor Fortress revealed the loss from the incident and the amount repaid.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain firm Ripple has canceled its plans of an outright acquisition of Fortress Trust, a development that marks a significant U-turn from the former\u2019s previous intention to purchase the company roughly three weeks earlier. However, Ripple plans to keep supporting Fortress while stating that it will continue to be an investor in Fortress Trust\u2019s parent [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":154115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-165054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=165054"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165054\/revisions"}],"predecessor-version":[{"id":165056,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165054\/revisions\/165056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154115"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=165054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=165054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=165054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}