Ripple acquires Palisade wallet firm…expands institutional payments business

Ripple is acquiring Palisade, a virtual asset (cryptocurrency) wallet and custody company.

On the 4th (Korean time), according to crypto news outlet CoinDesk, Ripple plans to integrate Palisade's 'Wallet-as-a-Service' platform into its institutional custody product 'Ripple Custody'. This platform is designed to allow banks and corporations to manage digital assets, stablecoins (virtual assets pegged to fiat currencies), and real-world asset tokens.

Ripple intends to strengthen real-time custody and payment capabilities for fintech and corporate clients through Palisade's technology. Palisade possesses technology that can rapidly create and deploy high-security wallets for high-speed on·off ramps and corporate payment flows. It also offers multi-blockchain support and DeFi protocol integration.

With this acquisition, Ripple is expected to establish a technology foundation to support customers requiring rapid asset operations, such as immediate creation of user wallets for fintech firms or financial management for global corporations. Ripple currently supports virtual asset-related services for major banks such as BBVA, DBS, and Société Générale.

Monica Long, president of Ripple, said, "Palisade has the optimal capabilities to complement Ripple Payments as it rapidly grows this year alongside the expansion of stablecoin payments."