Ripple Labs has filed a trademark application for 'Ripple Custody', indicating potential expansion into digital asset custody services.
Trademark Application
Ripple Labs has submitted a trademark application for 'Ripple Custody'. The filing references several use cases, with the primary one being the provision of financial services related to the storage and management of cryptocurrencies for financial management purposes. This hints at the company’s possible plans to expand its involvement in the crypto custody sector.
Crypto Custodian Services
Crypto custodians store and manage digital assets for individuals and institutions, aiming to minimize risks such as private key loss and security breaches. The demand for these services has surged in recent years, particularly following the approval of exchange-traded funds (ETFs) in the US in 2024. Key players in this field include Coinbase, Citi, and BNY Mellon.
Plans for a Crypto Wallet
The trademark filing also mentions the development of software for the custody and transmission of cryptocurrencies, which could suggest plans for a cryptocurrency wallet supporting XRP and other digital assets. Such a service would allow Ripple to generate additional revenue through transaction fees.
The trademark registration and potential plans for a crypto wallet indicate Ripple's intention to broaden its service offerings in the cryptocurrency industry. These moves could help the company diversify its revenue streams and strengthen its market position.
