Ripple Retracts Acquisition Plans for Fortress Trust

Following the letter of intent to acquire Fortress Trust, Ripple CEO Brad Garlinghouse announced the company has decided “not to move forward with an outright acquisition.” Garlinghouse didn’t cite specific reasons for dropping the deal but said Ripple planned to remain an investor in Fortress.

Garlinghouse Announces Ripple’s Withdrawal From Fortress Trust Deal

On Thursday, Ripple’s CEO confirmed the company has shelved its plans to purchase crypto custodian firm Fortress Trust. The Nevada-licensed financial services provider, founded by Scott Purcell, former CEO of the now-defunct crypto custodian Prime Trust, caught Ripple’s interest in early September 2023. At the time, Garlinghouse expressed Ripple was “excited to bring on this team and its technology to accelerate our business.”

Garlinghouse has since addressed the public on social media platform X, explaining the deal isn’t proceeding. “A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in Fortress,” Garlinghouse posted.

The Ripple boss added:

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.

Interestingly, in the same week as the acquisition news surfaced, Fortress divulged it was “impacted by a third-party vendor.” Subsequent reports shed light on Ripple’s alleged intervention to reconcile Fortress’s customers. Reportedly, Fortress lost roughly $15 million during the breach.

With the deal now off the table, Fortress re-posted Garlinghouse’s remarks on their official X account page, sharing his social media posts concerning the deal. Fortress has raised funds from Mighty Capital, Salt, Ayon Capital, Nevcaut Ventures, Eagle River, and Ripple.

What do you think about Ripple squashing the Fortress Trust deal? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News https://ift.tt/XRyOtTI

Comments

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA

BLUR Token Plummets Over 28% in March, Despite Blur’s Dominance in NFT Sales Market

While the non-fungible token marketplace Blur has captured a significant amount of the market share in terms of NFT sales, the market’s native token, BLUR, lost more than 28% in value last month. At present, BLUR tokens are down more than 88% since the crypto asset’s all-time high recorded on February 14, 2023. Blur’s Native Token Slides 28% Against the Greenback in 30 Days The NFT marketplace Blur has captured a majority of the NFT sales over the past month, according to metrics from dappradar.com. Additionally, according to data from Dune Analytics, Blur’s market share in terms of volume over the past week was 71%. The Dune Analytics dashboard, created by @hildobby, shows that over the past week, Blur accounted for 42% of trades, while the NFT marketplace Opensea accounted for 48.3%. In terms of trader count this past week, Opensea outpaced Blur, with over 89,000 traders compared to Blur’s 39,000. While the marketplace has been competitive, Blur’s native token, BLUR , suffered...

Crypto News Updates

Search This Blog