Ripple Expands Custody Capabilities with Acquisition of Palisade
Blockchain-based financial technology company Ripple announced on Monday its acquisition of digital wallet provider and custody firm Palisade, marking another significant addition to its recent series of mega-purchases. This strategic move is set to enhance Ripple’s custody capacity, enabling the firm to better serve crypto-native companies, fintech firms, and other corporations.
“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on — that’s why it’s central to Ripple’s product strategy,” said Ripple President Monica Long. She emphasized that corporates are poised to drive the next massive wave of crypto adoption. “Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities.”
Palisade’s wallet-as-a-service (WaaS) offering — which includes multi-party computation (MPC) and multi-blockchain support — will be integrated directly into Ripple Custody and Ripple Payments, two of Ripple’s key business solutions. According to Long, “The combination of Ripple’s bank-grade vault and Palisade’s fast, lightweight wallet makes Ripple Custody the end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.”
This latest acquisition follows several key deals for Ripple earlier this year. In April, Ripple acquired prime broker Hidden Road for $1.25 billion, broadening its services to institutional clients and providing access to dozens of cryptocurrencies in the U.S. In August, Ripple purchased Canadian stablecoin platform Rail for $200 million. Just two weeks ago, the company acquired treasury management firm GTreasury for $1 billion, further expanding its financial technology offerings.
Besides its acquisition spree, Ripple also recently concluded a four-year legal battle with the U.S. Securities and Exchange Commission (SEC), ending all appeals in August. This legal resolution coincided with XRP, Ripple’s native crypto asset, reaching a new all-time high earlier this year, climbing above $3.40 for the first time since 2018 to $3.65. Although it has since corrected by approximately 38% to around $2.30, XRP remains the fourth largest cryptocurrency by market capitalization at $140.5 billion.
With Palisade now part of its portfolio, Ripple continues to solidify its position as a leading fintech provider in the rapidly evolving crypto economy.
https://decrypt.co/347216/ripple-acquires-crypto-wallet-custody-palisade