Ripple pulls out of its acquisition of Fortress Trust, signaling a shift in its U.S. expansion strategy.
In a surprising turn of events, Ripple CEO Brad Garlinghouse announces that the company will not proceed with the acquisition of the Nevada-licensed financial services provider.
The decision comes just 20 days after the initial announcement of the acquisition.
Ripple’s Original Investment Plans Initially, Ripple had expressed intentions to acquire Fortress Trust and also to invest in its affiliated companies, including FortressPay.
The goal was to leverage Fortress Trust’s existing technology and talent pool to accelerate Ripple’s growth.
However, soon after the acquisition announcement, Fortress Trust admitted that a security incident had caused substantial financial loss.
Most of the lost funds were in Bitcoin.
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