Ripple's crypto investments hit $4 billion with acquisition of wallet tech firm Palisade

Ripple's streak of acquisitions continued on Monday with the company taking over custody and wallet technology firm Palisade.

The company has acquired multiple firms so far this year, including buying prime broker Hidden Road for $1.25 billion in April and purchasing stablecoin platform Rail for $200 million. Ripple said Monday it has invested "approximately $4 billion into the crypto ecosystem" through investments, mergers, and acquisitions.

Last month, Ripple acquired GTreasury for $1 billion in an effort to open up the multi-trillion-dollar corporate treasury market and gain access to many of the largest and most successful corporate customers.

With Palisade, Ripple said it will be able to expand its "custody capabilities" for serving "fintechs, crypto-native firms, and corporates," according to a statement. Ripple didn't disclose the details of its Palisade acquisition.

"Corporates are poised to drive the next massive wave of crypto adoption," Ripple President Monica Long said in the statement. "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."

Ripple highlighted that "Palisade Wallets offers a flexible API that enables rapid integration of multi-party computation (MPC) wallet technology," while Palisade Custody "provides fully regulated, institutional-grade storage for digital assets."

Although not officially considered the creator of XRP, Ripple is best known for its close ties to the popular cryptocurrency. Palisade has "deep" integrations with XRP, Solana, and Ethereum, the firm said.