Ripple Labs has filed a trademark application for the word mark “Ripple Custody,” indicating that the company behind the XRP (XRP) token is considering expanding its brand in the crypto custody space.

The filing notes four use cases for the word mark, including one that reads “Financial services, namely, custodial services in the nature of maintaining storage and possession of cryptocurrency […] for financial management purposes.”

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 custody services has grown significantly in recent years, especially following the approval of exchange-traded funds (ETFs) in the US in 2024. Major players in this space include Coinbase, Citi and BNY Mellon, among others.

Screenshot of Ripple Labs’ trademark application. Source: JUSTIA Trademarks

The trademark filing follows Ripple’s launch of its custody service in October 2024. At the time, the company said the move sought to diversify its revenue streams beyond its payment settlement service.

A Ripple spokesperson declined to comment on the trademark filing.

Will Ripple launch a crypto wallet?

Another use case listed in the trademark filing reads, “downloadable software for custody of cryptocurrency, fiat currency, virtual currency, and digital currency; downloadable software for transmission and storage of cryptocurrency, fiat currency, virtual currency, and digital currency.”

The use case may indicate that Ripple could be planning to launch a cryptocurrency wallet, either to support its native token, XRP, or a wider variety of digital assets. Currently, the company does not offer a crypto wallet. The wallet services offering would provide another revenue stream to Ripple by collecting transaction fees.

Companies already offering support for XRP and other cryptocurrencies include Ledger and Trezor hardware wallets, Trust Wallet, Exodus and many others.

Magazine: Hall of Flame: Crypto Banter’s Ran Neuner says Ripple is ‘despicable,’ tips hat to ZachXBT

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision