Brad Garlinghouse, CEO of fintech company Ripple, has announced that the company will no longer be pursuing its acquisition of Fortress Trust, a cryptocurrency-focused trust firm.
According to Garlinghouse, several weeks prior, Ripple had signed a letter of intent to acquire Fortress Trust, but has since decided against pursuing the purchase.
However, he made it clear that Ripple will continue to support and maintain its investment in the firm.
Fortress CEO Scott Purcell stated that the company is currently focused on B2B and institutional business and that Ripple’s potential acquisition was a way for them to diversify into the B2B2C market.
He also confirmed that Fortress was aware of Ripple’s change in decision and that the two companies have a strong relationship with future plans that do not involve a merger.