Ripple Labs has filed a trademark application for “Ripple Custody,” which indicates possible plans to enter the crypto custody business. The trademark filing describes custodial services that handle cryptocurrency storage and management, which could make Ripple a major player alongside Coinbase, Citi, and BNY Mellon.
Crypto custody services have gained traction, especially after the approval of Bitcoin ETFs in 2024. Investors and institutions increasingly seek secure storage solutions to protect their assets from private key loss and security threats.
Ripple established its custody service during October 2024 to expand its business scope past payment solutions. The trademark application includes downloadable software that enables cryptocurrency custody together with transmission and storage features.
The trademark application indicates Ripple is developing its own cryptocurrency wallet. The company has not officially confirmed a Ripple wallet, but such a product could potentially support XRP and other digital assets while earning transaction fees.
XRP and other cryptocurrencies are stored by users through Ledger, Trezor, Trust Wallet, and Exodus wallets at present. The entry of Ripple into this market segment would create a unified experience for its ecosystem users.
A representative from Ripple chose not to provide comments regarding the trademark application. A Ripple wallet initiative would likely create a transformative impact on XRP holders together with the entire cryptocurrency market.
Also Read: Is XRP Being Used for All US Federal Reserve Transactions? Fact Check
