Crypto payment services provider Ripple (XRP) has abandoned its acquisition of Nevada-based web3-focused trust company Fortress Trust.
Ripple, which published a letter of intent to acquire the trust company Fortress Trust at the beginning of September, He reversed his decision. Made by Ripple CEO Brad Garlinghouse on social media in the statementWhile it was stated that the acquisition attempts were terminated, Ripple’s Fortress They will continue to support as investors specified.
Stating that the Fortress team has achieved great things so far, Garlinghouse said: They hope to work with them in the future. he expressed:
A few weeks ago we signed a letter of intent to acquire Fortress Trust; However, we decided not to make a direct purchase in the past period. However, we will continue to support Fortress as an investor. The Fortress team is incredibly talented and has developed products that solve customer problems. Although our decision is different than originally planned, we will continue to support them and hope to work together in the future!
Fortress recently became available to users. $15 million existence is a lived phishing attack as a result was stolen he explained. Ripple attacked Fortress after this attack. 15 million dollars He gave it for compensation. No user assets were harmed in the incident in question.
Market analysts think that this attack is behind Ripple’s decision.
Fortress CEO Scott Purcell told Decrypt that Ripple “He said that they will be an important way to serve as “B2B2C”, which combines B2B and B2C business models. Purcell also noted that the Ripple team, Fortress technology And customer base He stated that he was excited when he saw it, but still gave up.
Ripple earlier this month Fortress Trust It was announced that he bought it. However, Ripple backed out of the purchase agreement.