The blockchain payments firm Ripple is preparing to expand its services, acquiring a firm that provides crypto custody and wallet solutions for businesses.
Ripple says the acquisition of the digital asset infrastructure company Palisade will improve its ability to offer secure custodian services of digital assets, stablecoins and Real World Assets (RWAs) for financial technology companies, crypto firms and corporations.
Ripple’s President Monica Long says that Palisade’s “fast, lightweight wallet” will help the firm better serve corporations who are new to the crypto world.
Says 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.”
According to Ripple, the Palisade tech includes multi-party computation (MPC), a security solution that splits wallet keys into key fractions or “shards,” and zero-trust architecture, which requires strict verification for every user and device attempting to access network resources.
Other Palisade wallet benefits include the ability to quickly create new digital wallets for customers, hold and manage digital assets across different blockchains and interact with decentralized finance (DeFi) protocols for lending or yield.
To date, Ripple says it has now spent about $4 billion in strategic investments and mergers and acquisitions (M&A).
Last month, Ripple ventured into the corporate treasury market through the $1 billion acquisition of GTreasury, a firm that offers cloud-based treasury management services.
Also last month, Ripple acquired the non-bank prime broker Hidden Road, transforming it into Ripple Prime.
XRP, the digital asset associated with Ripple, is trading for $2.12 at time of writing, down 9.7% on the day.
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