Ripple Acquires Crypto Wallet and Custody Firm Palisade

Ripple has acquired digital wallet provider and custody firm Palisade, the blockchain-based financial technology company announced on Monday, adding to its growing list of recent mega-purchases.

The acquisition is expected to increase the company’s custodial capacity, allowing Ripple to better serve crypto-native companies, financial technology companies and other corporations.

“The safe custody of digital assets unlocks the crypto economy and is the foundation that every blockchain-powered business rests on — that’s why it’s central to Ripple’s product strategy,” Ripple President Monica Long said in a statement.

“Companies are poised to lead the next massive wave of crypto adoption. As we’ve seen big banks move from observation to active construction in crypto, companies are entering the market, and they need trusted and licensed partners with out-of-the-box capabilities.”

Palisade’s wallet-as-a-service (WaaS) product, which offers features such as multi-party computing (MPC) and multi-blockchain support, will flow directly into Ripple Custody and Ripple Payments – two of the fintech firm’s key offerings.

“The combination of Ripple’s bank-grade cash and Palisade’s fast and 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,” Long added.

U XRP-linked fintech firm expanded its service offering through acquisitions throughout this year. In April it is acquired the first broker Hidden Road for $1.25 billion to service institutional clients on a broader scale.

Thanks to that purchase, I know leading customers have access to dozens of cryptocurrencies in the United States.

In August it broke Canadian stablecoin platform Rail for $200 million and just two weeks ago, the company passed another $1 billion to acquire a treasury management companyGT Treasury.

Beyond the landmark acquisitions, Ripple also ended a four-year legal battle with the SEC, after both parties finished their appeals in August.

XRP, the crypto asset linked to Ripple, made a new all-time high earlier this year, climbing above $3.40 for the first time since 2018 at $3.65. It has since fallen around 38% to $2.30, but remains the fourth largest crypto asset with a market capitalization of $140.5 billion.

A Ripple representative did not immediately respond Decrypt’s request for comment.