Ripple backs off with Fortress Trust

Brad Garlinghouse

Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 –

Ripple give up finally acquire Fortress Trust. The issuer of the XRP remains, however shareholder in the crypto company recently hit by a hack.

Early September, Ripple proudly announced its acquisition of Fortress Trust, a US firm offering various crypto services, for an undisclosed sum.

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On Thursday evening on X, the head of the blockchain fintech, Brad Garlinghouse, said that Ripple had, after consideration, decided to cancel the deal.

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A few weeks ago, we signed a letter of intent to acquire Fortress Trust. We have since taken the decision not to proceed with an outright acquisition, although Ripple will remain an investor in Fortress,” he said.

Just three days after the announcement, Fortress CEO Scott Purcell declared on Fortune that the company had suffered an attack and lost $15 million in digital coins. According to BloombergRipple has covered customer losses and should be reimbursed by Fortress.

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