Crypto services company Ripple has acquired the crypto custody and wallet company Palisade, a move aimed at expanding its business and institutional-focused offerings.
Ripple announced on Monday that Palisade’s wallet-as-a-service offering will be integrated into Ripple Custody, its crypto custody arm specifically targeting banks. The acquisition is designed to serve "fintechs, crypto-native firms, and corporates."
"Corporates are poised to drive the next massive wave of crypto adoption," stated Ripple president Monica Long.
She further elaborated, "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."
This acquisition follows a series of significant purchases by Ripple this year, particularly after the Securities and Exchange Commission dropped its long-running legal case against the company. Ripple has been actively expanding its services to include trading, stablecoins, and crypto treasury solutions.
Palisade Integration Enhances Ripple Services
Ripple confirmed that Palisade’s wallet offering will also be integrated into its Ripple Payments service, which handles cross-border payments. This integration is expected to "provide the core infrastructure for subscription payments or collection capabilities."
The newly integrated tools are intended to serve customers with "high-speed use cases," such as crypto to fiat on and off-ramps. These capabilities will support multiple blockchains and interact with decentralized finance protocols.
Ripple's Strategic Acquisitions
With this latest acquisition, Ripple has reportedly spent approximately $4 billion on acquiring crypto companies, with a significant portion of its larger deals occurring this year.
Earlier on Monday, Ripple announced that its US institutional clients would gain access to over-the-counter (OTC) transactions for multiple cryptocurrencies. This expansion is a result of its $1.25 billion acquisition of crypto-friendly prime broker Hidden Road in April.
Prior to that, Ripple acquired the crypto treasury management system provider GTreasury in October for $1 billion, capitalizing on the growing trend of public companies holding cryptocurrency.
The company also acquired the stablecoin payments platform Rail in August through a $200 million deal, which is anticipated to close in the fourth quarter of this year.