Palisade’s purchase expands Ripple’s custody coverage, but XRP’s price chart crashes through the floor.
Ripple Labs, the issuer of XRP coin, just made a gigantic move in the crypto custody field. The San Francisco-based tech behemoth just acquired Palisade Inc, the start-up that’s been running a crypto wallet-as-a-service platform and institutional-grade infrastructure based on blockchain.
Ripple Snags Palisade For Custody Endeavors
“Same team, now at enterprise scale”, – said the official X message from Palisade, while Ripple cheered the Palisade deal due to their technical capabilities. The secure crypto custody is set to enable a full-fledged on-chain economy, covering key bases like safe storage & seamless transfers.
Initially launched in October, 2024, Ripple is now expanding their crypto custody branch, nailing over 300 traditional finance partners, including banks like Santander & SEB, as well as payment processor giants like TransferGo. Now, the versatile blockchain tech company is looking to get their own banking license in the United States (USA), powered by the RLUSD stablecoin.
XRP Support Shatters Despite Institutional Win
Just last month, Ripple shelled out $1 billion to GTreasury, purchasing the treasury manager in the all-around adoptional push. Following the positive XRP news, Ripple’s native token dipped by 5.9% to $2.28, with the next major support box at $2. If the fear continues to dominate the markets, profit-taking among whales might put extra hurdles in XRP’s price recovery path.
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