Ripple Labs is moving significantly toward broadening its offering in the realm of cryptocurrencies. Officially submitting a trademark application for “Ripple Custody,” the company shows intentions to enter the expanding digital asset custody sector.
The application states that “Ripple Custody” is meant for four main use cases, one of which is serving custodial needs for handling and keeping bitcoin assets. This action fits the growing need for safe crypto storage, particularly in light of the acceptance of Bitcoin ETFs in the US by 2024. Big firms such as Coinbase, Citi, and B are currently leading the custody market with solutions to protect digital assets for both institutional and personal investors. Furthermore,
Furthermore, the trademark application suggests that Ripple may be developing a cryptocurrency wallet. The application notes methods for storing and distributing “downloadable software for custody of cryptocurrency, fiat money, virtual currency, and digital money.” LaunRippleRipplele’s wallet might support XRP and other cryptocurrencies, therefore creating transaction fees and maybe income.
Ripple has already entered custodial services by starting a comparable business in October 2024 as part of its strategy to diversify beyond payment settlements. The most recent trademark application seems to show ongoing expansion.
Although Ripple has not yet confirmed any formal intentions about a new wallet, the trademark filing clearly shows a more general concentration on digital asset management. The company’s foray into the wallet and custody markets could make it a powerful rival in the fast-changing crypto scene going forward.
Regarding the trademark application, Ripple has not commented. Legal hurdles continue, however, as the corporation approaches the end of its protracted litigation with the SEC, with negotiations seeming to be in progress for a more advantageous outcome than past settlements.
