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Ripple pulls back from Fortress acquisition 20 days after announcement

  • 📰 Cointelegraph
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Ripple has canceled its acquisition of Fortress Trust, said Ripple’s CEO, Brad Garlinghouse.

In comments to Cointelegraph, Purcell said the merger’s cancelation “is not a big deal.” According to him, the change in plans is unrelated to the security incident. “They are an investor in Fortress and a great partner. Nothing changes there,” he noted.

As Ripple continues its high-profile legal battle with the United States Securities and Exchange Commission, the deal failure could benefit other companies linked to Fortress.to create a Bitcoin-only trust company in the U.S., which is pending regulatory approval. Fortress Trust provides custody of records for Swan. As the deal collapsed, Swan will no longer be involved in Ripple’s business in the country.

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Ripple Pulls Plug on Proposed Fortress Trust Acquisition DealRipple, without giving an explanation for the cancellation of the planned Fortress Trust acquisition, noted that the outcome was different from the initial plan.
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