In a surprise move, Brad Garlinghouse, the chief executive officer of renowned cryptocurrency enterprise Ripple, has confirmed the company’s decision to abandon its previously declared intention to directly acquire Fortress Trust. This announcement comes after Ripple had, not so long ago, marked its interest in the acquisition through a formal letter of intent.
Ripple’s Continued Investment in Fortress Trust
Despite the altered course, Ripple’s enthusiasm for Fortress Trust remains strong. The company has chosen to remain an investor, underscoring its belief in the potential of the platform. Garlinghouse went on to commend the Fortress Trust team, highlighting their aptitude and efficiency in devising solutions that address genuine client concerns.
A Future of Collaboration
Although Ripple’s strategy deviated from its initial trajectory, the company has a clear vision of fostering its relationship with Fortress Trust. Both firms look forward to prospective collaborations, aiming to bring innovative solutions to the market.
About Fortress Trust
For those unfamiliar, Fortress Trust stands as a pivotal platform in the digital asset realm. Their services encompass secure custody, efficient trading, and meticulous reporting of digital assets. Boasting a client base that includes over 100 institutional entities – ranging from hedge funds and family offices to stock exchanges – their reach is noteworthy. Notably, their support extends to a myriad of cryptocurrencies, including but not limited to XRP, Bitcoin, Ethereum, and Litecoin.
Source: https://blockchainreporter.net/ripple-abandons-plans-to-directly-acquire-fortress-trust/