Ripple Labs has filed a trademark application for the connection people “Ripple Custody,” indicating that the institution down the XRP (XRP) token is considering expanding its marque successful the crypto custody space.
The filing notes 4 usage cases for the connection mark, including 1 that reads “Financial services, namely, custodial services successful the quality of maintaining retention and possession of cryptocurrency […] for fiscal absorption purposes.”
Crypto custodians store and negociate integer assets for individuals and institutions, aiming to minimize risks specified arsenic backstage cardinal nonaccomplishment and information breaches. The request for custody services has grown importantly successful caller years, particularly pursuing the support of exchange-traded funds (ETFs) successful the US successful 2024. Major players successful this abstraction see Coinbase, Citi and BNY Mellon, among others.
Screenshot of Ripple Labs’ trademark application. Source: JUSTIA Trademarks
The trademark filing follows Ripple’s motorboat of its custody service successful October 2024. At the time, the institution said the determination sought to diversify its gross streams beyond its outgo colony service.
A Ripple spokesperson declined to remark connected the trademark filing.
Will Ripple motorboat a crypto wallet?
Another usage lawsuit listed successful the trademark filing reads, “downloadable bundle for custody of cryptocurrency, fiat currency, virtual currency, and integer currency; downloadable bundle for transmission and retention of cryptocurrency, fiat currency, virtual currency, and integer currency.”
The usage lawsuit whitethorn bespeak that Ripple could beryllium readying to motorboat a cryptocurrency wallet, either to enactment its autochthonal token, XRP, oregon a wider assortment of integer assets. Currently, the institution does not connection a crypto wallet. The wallet services offering would supply different gross watercourse to Ripple by collecting transaction fees.
Companies already offering enactment for XRP and different cryptocurrencies see Ledger and Trezor hardware wallets, Trust Wallet, Exodus and galore others.
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