The cryptocurrency service company Ripple has acquired the crypto custody and wallet company Palisade to expand its business and institutional services.
Ripple announced on Monday that Palisade's wallet-as-a-service product will be integrated into its bank-focused crypto custody division, Ripple Custody, and stated that the acquisition aims to serve "fintech companies, crypto-native enterprises, and corporate clients."
"Corporate clients will drive the next wave of large-scale cryptocurrency adoption," said Ripple President Monica Long in a statement.
"As we see large banks moving from a wait-and-see approach to actively building crypto businesses, corporate clients are now entering the market, and they need trusted, licensed partners that provide out-of-the-box capabilities," she added.
With the U.S. Securities and Exchange Commission (SEC) dropping its long-standing legal lawsuit against Ripple, the company has made several significant acquisitions this year. It has quickly expanded its services to include trading, stablecoins, and crypto treasury companies.
Ripple stated that Palisade's wallet products will also be integrated into its cross-border payment service, Ripple Payments, and will "provide core infrastructure for subscription payment or receipt functionalities."
The company added that the new tools will serve clients with "high-speed use cases," such as cryptocurrency and fiat deposit and withdrawal channels that support multiple blockchains and interact with decentralized finance protocols.
Ripple indicated that its latest acquisition marks approximately $4 billion spent on acquiring crypto companies, with most of the larger deals occurring this year.
Earlier on Monday, Ripple announced that its U.S. institutional clients would gain access to various cryptocurrency over-the-counter (OTC) services due to its $1.25 billion acquisition of crypto-friendly prime broker Hidden Road (the deal was completed in April).
Previously, Ripple acquired the crypto treasury management system provider GTreasury for $1 billion in October, aiming to capitalize on the trend of publicly traded companies holding cryptocurrencies.
The company also acquired the stablecoin payment platform Rail for $200 million in August, with the deal expected to close in the fourth quarter of this year.
Related: Ripple launches premium brokerage service for cryptocurrency spot trading
Original: “Ripple Acquires Crypto Wallet and Custody Company Palisade to Enhance Institutional Services”
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