Ripple continues momentum with acquisition of Palisade for comprehensive digital custody
Ripple, a leading financial technology company in the cryptocurrency space, has recently made a significant move by acquiring Palisade, a digital asset wallet and custody company. This strategic acquisition will enhance Ripple’s custody capabilities, allowing them to cater to the needs of various financial institutions, fintechs, and crypto-focused companies.
Ripple Custody is a solution specifically designed for banks and financial institutions looking to securely store digital assets, stablecoins, and Real World Assets (RWAs). With the addition of Palisade to its portfolio, Ripple is now equipped to serve a wider range of customers and address diverse use cases. Palisade brings with it a secure, fast, and scalable “wallet-as-a-service” technology that facilitates rapid value transfer and seamless integration, making it ideal for clients requiring quick transactions, on- and off-ramps, and efficient payments.
Monica Long, the President of Ripple, emphasized the critical role of secure digital asset custody in unlocking the potential of the crypto economy. Highlighting the growing interest of corporates in adopting cryptocurrencies, Long explained that trusted partners with advanced capabilities are needed to support this trend. The combination of Ripple’s robust vault system and Palisade’s agile wallet technology positions Ripple Custody as a comprehensive solution for institutional needs, ranging from long-term asset storage to real-time global payments and treasury management.
Ripple Custody has already gained the trust of top-tier global institutions, including Absa Bank, BBVA, DBS, Societe Generale – FORGE, among others. It serves as a secure vault for institutional crypto holdings, offering an auditable record and stringent cryptographic approval process to ensure compliance. The platform supports the management of multiple vaults, providing users with a comprehensive overview of their assets across different venues.
Palisade’s technology, known for its lightweight architecture, integrates key security features like Multi-Party Computation (MPC) and zero-trust architecture. These elements enhance security by dividing wallet keys into fractions, requiring strict verification processes, and enabling fast wallet provisioning, multi-chain support, and DeFi integration.
The integration of Palisade’s technology into Ripple Payments will further enhance value mobilization capabilities, supporting scenarios that demand quick and efficient fund transfers. This integration will facilitate subscription payments, collection services, and high-speed transaction signing, streamlining operational processes for Ripple’s clients.
Ripple’s commitment to enterprise adoption is evident through its collaborations with leading crypto compliance providers Chainalysis and Elliptic. With extensive experience and numerous regulatory licenses globally, Ripple bridges the gap between traditional finance and decentralized finance, positioning itself as a key player in the industry.
The acquisition of Palisade is part of Ripple’s broader strategy to expand its presence in the digital asset ecosystem. This move follows other significant acquisitions made by Ripple this year, such as prime broker Hidden Road, stablecoin payments platform Rail, and treasury management system provider GTreasury. With strategic investments worth approximately $4 billion, Ripple continues to strengthen its position in the market and drive innovation in the crypto space.
