Ripple Labs has filed a trademark application for "Ripple Custody" in the US, opening the opportunity to provide digital asset storage solutions for institutional clients.
Potential of Digital Asset Custody Market
Worldwide demand for secure management of digital assets is growing as investors show increasing commitment to virtual currency technology. Expected revenue from this segment exceeds $20 trillion, offering Ripple an excellent chance to fortify its standing in the financial sector.
Enhanced Security for Asset Storage
Ripple Custody aims to protect assets through the implementation of Multi-Party Computation and Hardware Security Modules as advanced security features. These technologies satisfy the security standards required by institutional clients transferring large amounts.
Wallet Functionality and Future Development
The trademark document also references downloadable software for holding and transferring various types of currencies. This indicates that Ripple may be preparing to launch its own cryptocurrency wallet to support its custody services.
Ripple's new offering could attract a significant share of institutional clients by leveraging advanced security technologies and potential wallet functionality.
