Acquires Crypto Wallet Firm to Expand Institutional Payments Business

Ripple, the blockchain tech firm closely associated with the XRP Ledger (XRP) network, said on Monday it has acquired crypto wallet provider Palisade to expand its institutional custody and payments offering.

Palisade’s wallet-as-a-service platform will be integrated into Ripple Custody, a product designed for banks and corporates handling digital assets, stablecoins and tokenized real-world assets.

Ripple said Palisade brings tools for high-speed, high-frequency use cases — like on- and off-ramps or enterprise payment flows — where users need secure wallets that can be created and deployed quickly. The tech also supports multiple blockchains and can interact with decentralized finance (DeFi) protocols.

Ripple’s broader strategy is to build out a crypto-native alternative to traditional financial infrastructure. That includes cross-border payments, liquidity, stablecoin issuance and, increasingly, the tools needed to manage assets securely. Ripple said it now holds over 75 regulatory licenses globally and supports banks such as BBVA, DBS and Societe Generale’s crypto division.

With acquiring Palisade, Ripple gains the technical plumbing to serve faster-moving customers like fintechs needing instant wallet creation for new users or corporates managing global treasury operations, Ripple President Monica Long told CoinDesk in an interview.

“Palisade offered the best set of capabilities to complement what we have built with Ripple Payments, which has been growing tremendously this year with stablecoin payment proliferation,” Long said.

The acquisition follows Ripple’s 2023 purchase of Swiss custody firm Metaco and three other deals this year: $1.25 billion for prime broker Hidden Road (now Ripple Prime), $200 million for stablecoin payments firm Rail and treasury tech provider GTreasury.

Read more: Ripple Expands U.S. Institutional Offering With Introduction of Digital Asset Spot Prime Brokerage