Ripple Labs is taking a new step into institutional custody by filing a trademark for 'Ripple Custody'. This move indicates the company's intention to expand beyond transactions and enter the strategic sector of custody services, buoyed by the rise in demand for crypto ETFs.
Ripple Custody: New Horizons
Ripple Labs has officially filed a trademark application for 'Ripple Custody'. The document mentions four use cases, one dedicated to crypto and other asset custody services. The goal is to offer solutions for secure crypto storage, primarily targeting financial institutions and institutional investors. This platform will provide regulated custody services that reduce risks related to loss of private keys and cyberattacks.
A Crypto Wallet from Ripple?
Another element of the filing is the potential development of a digital wallet. The document indicates that the trademark could be used for downloadable software intended for the custody, transmission, and storage of crypto, fiat currencies, and other assets. This description matches the definition of a crypto wallet, suggesting that Ripple may indeed want to offer its own product in this area.
Ripple: Strategy and Challenges
Ripple's entry into the asset custody and crypto wallet market is part of a broader diversification strategy amidst ongoing regulatory challenges, particularly in the United States. By leveraging the growing demand from institutional players, the company could strengthen its role as a key player in the management and secure storage of cryptocurrencies.
The 'Ripple Custody' trademark filing and plans for developing an in-house crypto wallet highlight Ripple's efforts to cement its role in the custody solutions market, despite existing regulatory hurdles.
