Ripple, the blockchain-based payments company, recently announced that it has canceled its proposed acquisition of Fortress Trust. The proposed acquisition had been announced in July of 2020 and was intended to expand Ripple’s capabilities in the trust and custody space.

Ripple had been looking to acquire Fortress Trust, a company that provides trust and custody services to financial institutions. The acquisition would have allowed Ripple to expand its services to include trust and custody services for its customers. However, the two companies were unable to reach an agreement on the terms of the acquisition.

The cancellation of the acquisition is a setback for Ripple, which had been looking to expand its services. However, Ripple is still committed to expanding its capabilities in the trust and custody space. The company has stated that it is continuing to explore other opportunities to expand its services in this area.

Ripple has been making significant investments in the trust and custody space in recent years. The company has acquired several companies in this space, including Curv, a digital asset security company, and Logos Network, a blockchain-based payments platform.

The cancellation of the proposed acquisition of Fortress Trust is a reminder that even well-funded companies can face challenges when attempting to acquire other businesses. It is also a reminder that acquisitions can be difficult to complete, even when both parties are interested in the deal.

Overall, the cancellation of the proposed acquisition of Fortress Trust is a setback for Ripple. However, the company is still committed to expanding its capabilities in the trust and custody space and is continuing to explore other opportunities to do so.