On Thursday, Ripple’s CEO confirmed the company has shelved its plans to purchase crypto custodian firm Fortress Trust. The Nevada-licensed financial services provider, founded by Scott Purcell, former CEO of the now-defunct crypto custodian Prime Trust, caught Ripple’s interest in early September 2023. At the time, Garlinghouse expressed Ripple was “excited to bring on this team and its technology to accelerate our business.” Garlinghouse has since addressed the public on social media platform X, explaining the deal isn’t proceeding.