Hassan Maishera
TL;DR
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Ripple has acquired crypto wallet provider Palisade.
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The acquisition would enable it to expand its institutional custody and payments offering.
Ripple Acquires Palisade
Ripple, the blockchain tech firm closely associated with the XRP Ledger (XRP) network, announced on Monday that it has completed the acquisition of Palisade. According to Ripple, this acquisition would enable it to expand its institutional custody and payments services.
The company added that Palisade’s wallet-as-a-service platform will be integrated into Ripple Custody. This will be crucial to Ripple’s operations as Ripple Custody is a product designed for banks and corporates handling digital assets, stablecoins, and tokenized real-world assets.
According to Ripple, Palisade is bringing tools for high-speed, high-frequency use cases to its ecosystem, allowing users to create secure wallets and deploy them quickly. Palisade also supports a wide range of blockchains and can easily interact with DeFi protocols.
This acquisition would help Ripple as it expands its offerings for institutional clients. Ripple President Monica Long told CoinDesk in an interview that Palisade grants Ripple the expertise to serve faster-moving customers like fintechs needing instant wallet creation for new users or corporates managing global treasury operations.
"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 added.
The acquisition comes just a few months after Ripple applied for a US banking license. Beyond the banking license, Ripple has also applied for a Master Account with the Federal Reserve, which would grant direct access to the US central banking system. This access would allow the company to hold reserves for its RLUSD stablecoin directly with the Fed, providing additional security layers and bolstering market confidence.
