Ripple buys Palisade to expand institutional wallet and custody

Ripple announced on Monday that it has acquired Palisade, a digital asset wallet and custody provider, and will integrate Palisade’s wallet-as-a-service technology into Ripple Custody and Ripple Payments to expand its institutional and enterprise offerings. The deal, announced by Ripple, is intended to serve banks, fintechs, crypto-native firms and corporate clients that require rapid wallet provisioning, multi-chain support and higher-speed on- and off-ramps between crypto and fiat.

Ripple said Palisade’s platform will become part of Ripple Custody, the company’s custody arm aimed at financial institutions, and will feed into Ripple Payments, its cross-border payments infrastructure. The companies said the combined capabilities will support use cases such as subscription billing and collections, high-frequency transaction signing, and automated sweeping of funds to operational accounts. Palisade’s technology includes multi-party computation key sharding, a zero-trust architecture, multichain compatibility and connectivity with decentralized finance protocols, according to the announcement.

Monica Long, president of Ripple, framed the acquisition as part of a push to bring...