Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Crypto services company Ripple has acquired crypto custody and wallet company Palisade to expand its commercial and institutional offering.
Ripple announced on Monday that Palisade’s Wallet-as-a-service offering would be integrated into Ripple Custody, its crypto custody arm aimed at banks, and said the acquisition aims to serve “fintechs, crypto-native businesses and corporations.”
“Enterprises are poised to lead the next massive wave of crypto adoption,” Ripple President Monica Long said in a statement.
“As we’ve seen major banks move from observation to active construction in crypto, corporations are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities,” he added.
The company has made several big purchases this year as the Securities and Exchange Commission dropped its long-running legal case against Ripple. The firm quickly expanded its offerings to trading, stablecoins, and crypto-treasury companies.
Palisade to add to Ripple key services
Ripple said Palisade’s wallet offering will also be integrated into its services by Ripple Payments, its cross-border payment service, and will “provide the core infrastructure for subscription payments or collection capabilities.”
He added that the new tools serve customers with “high-speed use cases” such as crypto for fiat on and off-ramps that can support multiple blockchains and interact with decentralized financial protocols.
Ripple’s acquisitions
Ripple said its latest acquisition marks about $4 billion it has spent on buying crypto companies, with most of its biggest deals taking place this year.
Related: Tharimmune makes $540M bet on Canton Coin in crypto treasure push
Earlier on Monday, Ripple announced that its US institutional customers would be earning access to the over-the-counter (OTC) transactions of many cryptocurrencies, thanks to its $1.25 billion acquisition of crypto-friendly prime broker Hidden Road in April.
It comes after Ripple acquired the crypto treasury management system provider GTreasury in October for $1 billion, the goal of cash in the current trend of public crypto-holding companies.
The company also acquired stablecoin payments platform Rail in August, in a $200 million deal that is expected to close in the fourth quarter of this year.
Magazine: Back to Ethereum – How Synthetix, Ronin and Celo saw the light
