Share this article
Ripple Cancels Plan to Buy Fortress Trust
"While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future," said Ripple CEO Brad Garlinghouse.
By Aoyon Ashraf
Updated Sep 28, 2023, 7:38 p.m. Published Sep 28, 2023, 7:10 p.m.
Ripple said it won't go forward with its outright acquisition of Nevada-based chartered trust company Fortress Trust.
"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," Ripple's CEO Brad Garlinghouse said on social media platform X (formerly Twitter).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Ripple said on Sept. 8 that it intended to buy Fortress for an undisclosed amount. At the time, a person with knowledge of the matter said the price tag was less than the $250 million Ripple paid for custody firm Metaco in May.
The day before, Fortress Trust disclosed a theft of customers’ cryptocurrency, later revealed to total close to $15 million. It pinned the blame on an unnamed third-party vendor that had fallen victim a phishing attack. CoinDesk later identified the vendor as Retool, a San Francisco-based company with Fortune 500 customers, which had built a portal for a handful of Fortress clients to access their funds. Ripple said the acquisition talks predated the theft, but it accelerated them.
Fortress Trust, which provides financial and regulatory infrastructure for blockchain companies, was formed by Scott Purcell, who has a long history in the industry. He was CEO of crypto custodian Prime Trust until 2020. Years after he left Prime Trust, the company was ordered into receivership after fellow custodian BitGo terminated its proposed acquisition of the firm.
"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," Garlinghouse added.
UPDATE (Sept 28, 19:36 UTC): Adds background about $15 million theft from Fortress.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
