Ripple Buys Palisade As It Tips Corporations To Drive Crypto Adoption

Ripple has added to its recent run of acquisitions, buying the crypto wallet and custody firm Palisade in a bid to boost its offerings to institutions.

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.

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 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

Source: CoinTelegraph