Ripple Labs Files Trademark for Crypto Custody Service

Ripple Labs has submitted a trademark application for the term "Ripple Custody," signaling the company's intention to expand its services into the crypto custody sector. The application outlines four potential uses for the trademark, including financial services related to the storage and management of cryptocurrencies for financial purposes. This move comes as the demand for secure custody solutions has surged, particularly 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.

The trademark filing follows Ripple’s launch of its custody service in October 2024, which aimed to diversify the company's revenue streams beyond its payment settlement service. The application also includes a use case for downloadable software designed for the custody, transmission, and storage of various types of currencies, including cryptocurrency, fiat currency, virtual currency, and digital currency. This suggests that Ripple may be planning to introduce a cryptocurrency wallet, either to support its native token, XRP, or a broader range of digital assets. Currently, Ripple does not offer a crypto wallet, and such a service would provide an additional revenue stream by collecting transaction fees.

Ripple's move into the custody and wallet space is part of a broader strategy to expand its offerings in the cryptocurrency market. The company's focus on secure storage and management of digital assets aligns with the growing demand for reliable custody solutions. This initiative could position Ripple as a key player in the crypto storage solutions market, further solidifying its presence in the blockchain and cryptocurrency space. The potential launch of a crypto wallet and custody services could also drive fresh investor interest in Ripple and its native cryptocurrency, XRP.