Ripple said it is acquiring UK headquartered Palisade, its fourth acquisition so far this year. Palisade provides both wallet-as-a-service technology and operates as a licensed digital asset custodian in France. Ripple said that Palisade will significantly expand the custody services for “fintechs, crypto-native firms, and corporates”.
Two years ago Ripple acquired Metaco, a Swiss based custody technology firm with numerous banking clients. These include Absa Bank, BBVA, DBS, Societe Generale – FORGE and others. This is now Ripple Custody. These institutions already provide regulated custody services themselves and are only looking for digital asset custody technology. This is quite different to the needs of fintechs and corporates, who need a licensed custodian to actually safeguard their assets, not just the underlying technology.
Ripple already provides licensed custody services in the United States through its subsidiary Standard Custody, but lacks an EU license. This gap is relevant to one aspect of Ripple’s current strategy: targeting corporate treasurers who might want to leverage stablecoins for cross border payments. The recent acquisition of GTreasury supports this goal. Will large corporates want to license complex custody technology and manage keys? Probably not. This is where Palisade fits in as it complements the current Ripple Custody offering.
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