Crypto solutions provider for businesses Ripple has announced its acquisition of digital asset wallet and custody company, Palisade. The move is designed to enhance Ripple’s custody capabilities—specifically, the company’s Ripple Custody offering—to better serve the needs of fintechs, corporates, and crypto-native companies. Terms of the transaction have not been disclosed.
Ripple Custody supports banks and other financial institutions looking for safe, secure ways to store digital assets, stablecoins, and Real World Assets (RWA). Palisade’s secure, fast, and scalable “wallet-as-a-service” technology will enable Ripple to serve a broader range of customers and use cases, especially those high-speed use cases for customers that require an out-of-the-box solution built for high-frequency transactions, on- and off-ramps, and payments.
Ripple Custody is currently being used by a number of tier-1 global institutions such as BBVA, DBS, and Societe Generale. The solution serves as a “vault” for institutional cryptocurrency holdings, supporting the management of multiple vaults and a complete view across assets and venues. Ripple Custody provides a tamper-proof audit trail and cryptographic approval process to ensure compliance.
“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on—that’s why it’s central to Ripple’s product strategy,” Ripple President Monica Long said. “Corporates are poised to drive the next massive wave of crypto adoption. Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities. The combination of Ripple’s bank-grade vault and Palisade’s fast, lightweight wallet makes Ripple Custody the end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.”
Palisade’s technology offers fast wallet provisioning, multi-chain support, and DeFi integration. The solution also features strong governance and security features, such as Multi-Party Computation (MPC) that divides wallet keys into key fractions or “shards,” and zero-trust architecture which mandates strict verification for all users and devices that are attempting to access the network. Per the acquisition, Palisade’s technology will also integrate directly into Ripple Payments, supporting use cases that require faster, more efficient responses. It will also provide the core infrastructure for subscription payments and collection capabilities.
“Joining Ripple marks a new chapter for Palisade,” the company noted on its LinkedIn page. “Our technology will become a cornerstone of Ripple’s next-generation wallet infrastructure, accelerating their Payments and Custody products while expanding market reach globally. This partnership combines our technology with Ripple’s enterprise network and scale, regulatory expertise, and established market presence.”
A Finovate alum since its debut at FinovateSpring 2013 (as OpenCoin), Ripple today boasts a global payments network with more than 300 customers across 40+ countries and six continents. The company’s payments, custody, and stablecoin solutions enable banks and financial institutions to simply and securely integrate blockchain and digital assets into their operations while remaining compliant. With payments settlement in three to five seconds, and more than a million custody wallets in circulation, Ripple provides 90% international FX market coverage.
Ripple’s acquisition announcement comes just days after the fintech reported the launch of digital asset spot prime brokerage capabilities for US customers via its Ripple Prime offering. The launch was made possible by Ripple’s acquisition of multi-asset prime brokerage, Hidden Road, earlier this year, and will enable Ripple’s US-based institutional clients to execute over-the-counter (OTC) spot transactions across a wide range of digital assets including XRP and RLUSD.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” Ripple Prime International CEO Michael Higgins said.
Founded in 2012, Ripple is headquartered in San Francisco, California. Brad Garlinghouse is CEO.