Ripple’s CEO, Brad Garlinghouse, has announced that the company has decided not to pursue the acquisition of cryptocurrency-based trust firm Fortress Trust.
This decision comes just a few weeks after signing a letter of intent to acquire the firm.
Garlinghouse explained that Ripple will still remain an investor and provide support to Fortress Trust, but they will not be taking any further steps towards a complete purchase.
According to Fortress’ CEO, Scott Purcell, the company is solely focused on B2B and institutional global business.
He also stated that their relationship with Ripple remains strong and they have joint plans for the future, but not through a merger as initially planned.
In early September, Ripple had announced a possible acquisition of Fortress Trust for an estimated price of $250 million, but this deal did not come to fruition.
