Ripple has acquired London-based digital asset wallet and custody infrastructure provider Palisade for an undisclosed sum.
The deal marks Ripple’s fourth major acquisition this year, following its $1.25 billion acquisition of prime broker Hidden Road (now Ripple Prime), the $200 million deal for stablecoin payments platform Rail, and the $1 billion purchase of treasury management provider GTreasury last month.
Founded in 2022, Palisade has developed a Multi-Party Computation (MPC)-based Wallet-as-a-Service platform that provides AML screening, enables token issuance, employs zero-trust security architecture, and supports digital asset management across multiple blockchain networks.
Ripple will look to integrate Palisade’s tech to enhance its wallet infrastructure and strengthen Ripple Custody, the company’s institutional crypto storage solution currently utilised by major financial institutions including Absa Bank, BBVA, and Société Générale.
“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,” explains Monica Long, Ripple’s president.
“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,” Long adds.
Additionally, Ripple plans to integrate Palisade’s technology into its payments platform, where it will serve as the “core infrastructure for subscription payments or collection capabilities—securely provisioning wallets at scale, facilitating high-speed transaction signing, and sweeping funds efficiently to operational accounts”, the company says.
Source: https://www.fintechfutures.com/
