Ripple is further bolstering its crypto custody capabilities with the acquisition of UK digital asset wallet and custody company, Palisade.
Founded in 2022, Palisade's lightweight "wallet-as-a-service" technology combines Multi-Party Computation (MPC) and zero-trust architecture with fast wallet provisioning, multi-chain support, and DeFi integration.
The acquisition enables Ripple to serve a broader set of customers and use cases, catering for those who need an out-of-the-box solution ideal for high-frequency transactions, on- and off-ramps and payments.
Monica Long, president of Ripple, says: "Corporates are poised to drive the next massive wave of crypto adoption and they need trusted, licensced partners with out-of-the-box capabilities. 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."
The deal marks Ripple's fourth major acquisition in the digital assets sapce this year, following the takeovers of prime broker Hidden Road, stablecoin payments platform Rail and treasury management system provider GTreasury at a total cost of $4 billion.
Terms of the Palisade transaction were not disclosed.