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On Sep. 28, in a post on X, Brad Garlinghouse, the CEO, revealed that Ripple has chosen not to acquire Fortress Trust. Instead, they will continue to be an investor in the blockchain-based payment network. A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve
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For reasons best known to Ripple and CEO Garlinghouse, the deal to acquire Fortress Trust is now off despite enthusiasm shown weeks ago. Barely three weeks after announcing its decision to acquire regulatory and tech infrastructure company Fortress Trust, Ripple is no longer interested in the deal. Ripple CEO Brad Garlinghouse made the
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Within 20 days of announcing the acquisition of Fortress Trust to allegedly expand its pool of licenses in the United States, financial technology firm Ripple is pulling out of the deal. Ripple’s CEO Brad Garlinghouse made the announcement on X (formerly Twitter) on Sept. 28, saying that “we’ve since made the
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"The Fortress team is incredibly talented, and has built products solving real customer problems. While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future," Garlinghouse added. Original Source
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A multimillion-dollar security incident involving a Fortress third-party vendor took place in the hours leading to the takeover by Ripple. Ripple has shared the reason behind its accelerated acquisition of Fortress Trust which took place on September 8. According to the financial technology company, the deal was already on the table,
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A phishing attack on Retool led to the theft, which helped spur Fortress Trust’s agreement to sell itself to Ripple, sources said. Source
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Blockchain startup Ripple covered the losses of Fortress Trust clients as part of its purchase agreement. Fortress said the losses were caused by a “third-party vendor whose cloud tools were compromised”, according to The Block. “Luckily, Ripple was in a position to act quickly to step in and make customers whole, and
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Ripple, an investor in Fortress, has stepped in to compensate Fortress customers for any incurred losses as part of the acquisition process. Ongoing discussions surround the potential acquisition of Fortress by Ripple, a cryptocurrency payment network. This unexpected development follows security issues faced by Fortress due to the compromise of a
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Financial technology firm Ripple is expanding its portfolio of regulatory licenses in the United States with the acquisition of Fortress Trust, according to an announcement on Sep. 8. Fortress Trust provides regulatory and technology infrastructure for blockchain organizations. The company holds a Nevada Trust license that allows it to custody financial
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A person with knowledge of the matter said the figure was less than the $250 million price tag for custody firm Metaco, which Ripple acquired in May. Source
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