Swan Bitcoin's custodian acquired by Ripple

[bbc.reporter]

This acquisition is both comedy and head shaking at the same time for Swan Bitcoin's CEO Cory Klippsten because he has been one of Ripple's biggest critic in social media, also calling Ripple a scam. Presently Swan Bitcoin is now called the frontend of Ripple by XRP supporters in social media hehehehehe.



Blockchain firm Ripple has acquired Fortress Trust, a Nevada-based chartered trust company with a crypto and Web3 focus, the company said in an email on Friday.

Financial terms for the acquisition were not disclosed. Ripple declined to disclose further details when contacted by CoinDesk, though a person with knowledge of the matter said the price tag was less than the $250 million it paid for custody firm Metaco in May.

Read in full https://www.coindesk.com/business/2023/09/08/ripple-acquires-crypto-focused-chartered-trust-company-fortress-trust/

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[mk4]

I really dislike this Cory dude because of his painfully bad takes, but I don't think it was Cory's call in this case, because it's their custodian that was acquired, not them.

If Cory really actually think that Ripple is a scam though, they should change custodians soon. If not, this is just Cory being a weasel and just typically trying to stir some shit for publicity.

[bbc.reporter]

@mk4. Yes, Cory needs to change custodians or he needs to spend many hours deleting his tweets where he said that Ripple is a scam and Chris Larsen and Brad Garlichouse is a scammer hehe.

On a more serious speculation, it appears Ripple is beginning to slowly acquire crypto custodial companies before the next bull market. What is their agenda?

[joniboini]

it appears Ripple is beginning to slowly acquire crypto custodial companies before the next bull market. What is their agenda?

Other than increasing their market share and potential profits when the bull run happens, I don't think there are other motives. In other words, another case of businesses expanding their market so that they can keep earning profits even if the market doesn't look great. As long as they don't do stupid things like what Celcius did, I can see why they would love to acquire companies.

[Darker45]

@mk4. Yes, Cory needs to change custodians or he needs to spend many hours deleting his tweets where he said that Ripple is a scam and Chris Larsen and Brad Garlichouse is a scammer hehe.

LOL! He's got no choice. It's either Swan will change custodian or Cory stops hitting Ripple and its people. He doesn't have to delete all his past tweets against Ripple, though.

Anyway, what's the fuss about this? Even if Fortress Trust were owned by Cory, is it unimaginable that he sold it to the very company he repeatedly labeled a scam? What if Cory's Swan sticks with Fortress? Would it be a surprise? Is it shocking that this man has double standards?

[mk4]

On a more serious speculation, it appears Ripple is beginning to slowly acquire crypto custodial companies before the next bull market. What is their agenda?

I mean, their main business (whatever there is to do with the XRP coin) is pretty much dead I assume? Smart for them to just buy crypto-related companies because we all know they're far more likely to make money in the future when demand for bitcoin/crypto returns, than whatever they want to do with XRP.

[NotATether]

On a more serious speculation, it appears Ripple is beginning to slowly acquire crypto custodial companies before the next bull market. What is their agenda?

I mean, their main business (whatever there is to do with the XRP coin) is pretty much dead I assume? Smart for them to just buy crypto-related companies because we all know they're far more likely to make money in the future when demand for bitcoin/crypto returns, than whatever they want to do with XRP.

Their agenda probably looks something like this: "Hey guys, you probably know already that Bitcoin is bad for the environment, so let's harass Bitcoin Core devs to #ChangeTheCode and maybe we will give you some free XRP if you hound them enough".

I mean, it's comedy. Nobody takes Ripple seriously anymore except for the banks. Probably because even it is better than whatever wimpy infrastructure they are still using from the '70s.