Ripple Expands Business Offerings With Palisade Acquisition
Ripple has announced the acquisition of Palisade, a crypto custody and wallet services provider, as part of its efforts to broaden business and institutional crypto solutions. The deal is aimed at strengthening Ripple's presence in custodial services for banks and large organizations.
Palisade Integration to Boost Ripple Custody
The company revealed plans to integrate Palisade's wallet-as-a-service technology into Ripple Custody. This crypto custody arm targets banks, fintechs, crypto-native firms, and corporations. Ripple said the move will support advanced use cases, including subscription payments and collection capabilities, and facilitate on and off-ramps between crypto and fiat currencies across multiple blockchains.
Focus on Institutional Adoption
Ripple President Monica Long stated that corporations are expected to drive the next wave of crypto adoption. Corporates are now entering the market and need trusted, licensed partners with out-of-the-box capabilities, Long said. The firm believes that major banks and corporates will play significant roles in expanding crypto usage.
Recent Acquisitions Signal Growth Strategy
Palisade is the latest in a series of acquisitions by Ripple, which has spent around $4 billion acquiring crypto companiesmost within the current year. Recent deals include:
- Hidden Road, a crypto-friendly prime broker, enhancing access to over-the-counter (OTC) transactions for U.S. institutional clients.
- A $1 billion purchase of a crypto treasury management provider to tap into the trend of public companies holding crypto assets.
- The acquisition of the stablecoin payments platform Rail, valued at $200 million and expected to close in Q4 2024.
Ripple has been expanding since the U.S. Securities and Exchange Commission dropped its case against the company, enabling rapid growth in product offerings for trading, stablecoins, and treasury management.
Outlook on Crypto Services for Enterprises
With Palisades technology, Ripple aims to deliver infrastructure that supports quick transactions and seamless integration with decentralized finance protocols. The company continues to position itself as a key partner for enterprises entering the crypto space.
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