Ripple Can't Buy This Firm! Why Change Your Heart?

<p>&nbsp;"I want it for a moment, I don't want it, there must be a reason for Ripple to suddenly act like this."</p><p><br /></p><p>Announced by Ripple's Chief Executive Officer (CEO) Brad Garlinghouse, the blockchain payments firm has decided to back out of its plans to acquire cryptocurrency-focused company Fortress Trust.</p><p><br /></p><p>However, Fortress Trust's track record of solving customer problems through innovative product offerings that Garlinghouse still admires has made him committed to continuing to support it.</p><p><br /></p><p>Admittedly, specific financial details are still not being disclosed, but Ripple as early as September 2023 had intended to acquire Fortress Trust as part of a cash and equity deal.</p><p><br /></p><p><br /></p><p>In addition to describing Fortress Trust as a financial institution that provides financial infrastructure, regulation and licensed Web3 technology for blockchain innovators, Ripple is also investing in the company.</p><p><br /></p><p>However, the decision to back out of the acquisition came when Fortress Trust faced a security breach resulting in a loss of approximately $15 million in crypto.</p><p><br /></p><p>However, Fortress Trust CEO Scott Purcell later assured that the loss would be covered immediately and that his team would continue operations as usual while reviewing alternative vendor options.</p><p><br /></p><p>As of this writing, XRP price has climbed 2.49% to $0.51 in the last 24 hours with the $27 billion market cap still recording a 0.11% decline over the past week.</p>