Ripple buys Palisade as it tips corporations to drive crypto adoption

Crypto services company Ripple has acquired the crypto custody and wallet company Palisade to expand its business and institutional-focused offerings.

Ripple announced on Monday that Palisade’s wallet-as-a-service offering would be integrated into Ripple Custody, its crypto custody arm targeting banks, and stated that the acquisition aims to serve “fintechs, crypto-native firms, and corporates.”

“Corporates are poised to drive the next massive wave of crypto adoption,” Ripple president Monica Long said in a statement.

“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,” she added. 

The company has made several major acquisitions this year as the Securities and Exchange Commission dropped its long-running legal case against Ripple. The firm has quickly expanded its offerings to trading, stablecoins and crypto treasury companies.

Palisade to add to key Ripple services

Ripple said that Palisade’s wallet offering will also be integrated into its services from Ripple Payments, its cross-border payments service, and will “provide the core infrastructure for subscription payments or collection capabilities.”

It added that the new tools would serve customers with “high-speed use cases” such as crypto to fiat on and off-ramps that can support multiple blockchains and interact with decentralized finance protocols.

Ripple has spent $4 billion on acquisitions

Ripple said its latest acquisition marks approximately $4 billion that it has spent on acquiring crypto companies, with most of its larger deals occurring this year.

Related: Tharimmune makes $540M bet on Canton Coin in crypto treasury push

Earlier on Monday, Ripple announced that its US institutional clients would gain access to over-the-counter (OTC) transactions of multiple cryptocurrencies, thanks to its $1.25 billion acquisition of crypto-friendly prime broker Hidden Road, which was completed in April.

It comes after Ripple acquired the crypto treasury management system provider GTreasury in October for $1 billion, aiming to cash in on the current trend of crypto-holding public companies.

The company also acquired the stablecoin payments platform Rail in August, in a $200 million deal that is expected to close in the fourth quarter of this year.

Magazine: Back to Ethereum — How Synthetix, Ronin and Celo saw the light