Odaily Planet Daily News Ripple CEO Brad Garlinghouse said that after signing the letter of intent, Ripple decided not to directly acquire Fortress Trust.
Garlinghouse said: "The Fortress team is very talented and the products they develop solve real customer problems. Although this result is different from the original plan, we will continue to support them and hope to work together in the future!" (The Block)
Previously, it was reported on September 8 that Ripple acquired Fortress Trust, a chartered trust company focusing on cryptocurrency and Web3. The financial terms of the acquisition were not disclosed. But people familiar with the matter said the price was lower than the $250 million it paid hosting company Metaco in May. As part of the acquisition, Ripple fully compensated Fortress customers who experienced security incidents.