Ripple Acquires Crypto Wallet and Custody Firm Palisade
Fintech company Ripple announced the acquisition of Palisade, a digital wallet provider and custody firm, on Monday. This addition expands Ripple’s recent series of major purchases, enhancing its ability to serve crypto-native businesses, fintech companies, and other enterprises.
The acquisition aims to boost Ripple’s custody capacity, though the financial terms were not disclosed.
“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on—that's why it’s central to Ripple’s product strategy,” said Ripple President Monica Long.
“Corporates are poised to drive the next massive wave of crypto adoption. 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.”
Palisade’s wallet-as-a-service (WaaS) offering includes multi-party computation (MPC) and multi-blockchain support. This product will integrate with Ripple Custody and Ripple Payments, key services of the fintech firm.
Author’s summary: Ripple’s acquisition of Palisade enhances its digital asset custody and wallet capabilities to better support the growing demand from corporate and fintech clients in the crypto space.
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