Ripple Labs has filed a trademark application for the phrase mark “Ripple Custody,” indicating that the corporate behind the XRP (XRP) token is contemplating increasing its model within the crypto custody area.
The submitting notes 4 use circumstances for the phrase mark, together with one which reads “Monetary companies, particularly, custodial companies within the nature of sustaining storage and possession of cryptocurrency […] for monetary administration functions.”
Crypto custodians retailer and handle digital property for people and establishments, aiming to reduce dangers reminiscent of personal key loss and safety breaches. The demand for custody companies has grown considerably in recent times, particularly following the approval of exchange-traded funds (ETFs) within the US in 2024. Main gamers on this area embrace Coinbase, Citi and BNY Mellon, amongst others.
Screenshot of Ripple Labs’ trademark application. Supply: JUSTIA Trademarks
The trademark submitting follows Ripple’s launch of its custody service in October 2024. On the time, the corporate stated the transfer sought to diversify its income streams past its fee settlement service.
A Ripple spokesperson declined to touch upon the trademark submitting.
Will Ripple launch a crypto wallet?
One other use case listed within the trademark submitting reads, “downloadable software program for custody of cryptocurrency, fiat forex, digital forex, and digital forex; downloadable software program for transmission and storage of cryptocurrency, fiat forex, digital forex, and digital forex.”
The use case could point out that Ripple could possibly be planning to launch a cryptocurrency wallet, both to assist its native token, XRP, or a greater diversity of digital property. Presently, the corporate doesn’t supply a crypto wallet. The wallet companies providing would offer one other income stream to Ripple by accumulating transaction charges.
Corporations already providing assist for XRP and different cryptocurrencies embrace Ledger and Trezor hardware wallets, Trust Wallet, Exodus and plenty of others.
Journal: Hall of Flame: Crypto Banter’s Ran Neuner says Ripple is ‘despicable,’ tips hat to ZachXBT
