TLDR
- Ripple announced the acquisition of digital wallet provider and storage company Palisade on Monday.
- The acquisition will expand Ripple’s storage capacity to better serve crypto-native companies and financial technology companies.
- Palisade’s wallet-as-a-service product offers multi-party computation and multi-blockchain support capabilities.
- Palisades’ technology will be integrated directly into the Ripple Custody and Ripple Payments platforms.
- Ripple acquired prime broker Hidden Road for $1.25 billion in April to serve institutional clients.
Ripple announced the acquisition of digital wallet provider Palisade on Monday. The blockchain-based financial technology company aims to expand its storage capacity through this purchase. This move adds to Ripple’s growing portfolio of recent acquisitions in the crypto sector.
Ripple strengthens custody services
The acquisition will enhance Ripple’s ability to serve crypto-native businesses and financial technology companies. Business customers will also benefit from the increased storage options. Ripple President Monica Long stated that secure digital asset storage unlocks the potential of the crypto economy.
Long emphasized that custodianship forms the foundation of any blockchain-powered business. She explained that companies are poised to drive the next wave of crypto adoption. Major banks have moved from observing to actively building in crypto, and businesses are following suit.
Palisade’s wallet-as-a-service product offers features such as multiparty computation and support for multiple blockchains. These features will be integrated directly into Ripple Custody and Ripple Payments. The combination creates an overall solution for institutional customers.
Long added that Ripple’s bank-grade vault together with Palisades’ lightweight wallet caters to all institutional needs. The service includes long-term storage, real-time global payments and financial management. This integration positions Ripple as a comprehensive custody provider.
Recent acquisitions expand Ripple’s services
Ripple has completed several strategic acquisitions during the year. In April, the company acquired prime broker Hidden road for $1.25 billion. This purchase enabled Ripple to serve institutional clients on a wider scale.
The Hidden Road acquisition gave prime customers access to dozens of cryptocurrencies in the United States. In August, Ripple acquired Canadian stablecoin platform Rail for $200 million. Two weeks ago, the company spent $1 billion to acquire a wealth management company GTreasury.
Ripple ended a four-year legal battle with the SEC after both parties closed their appeals in August. XRP, the crypto asset linked to Ripple, hit a new all-time high earlier this year. The token climbed above $3.40 for the first time since 2018, reaching $3.65.
XRP has since fallen about 38% to $2.30, but remains the fourth largest crypto asset. The token has a market capitalization of $140.5 billion. Ripple continues to expand its service offerings through strategic acquisitions and partnerships.
