Ripple’s XRP Trademark “Ripple Custody”
Ripple Labs, is taking calculated steps to increase its market share in the cryptocurrency custody market. According to a newly submitted trademark application for “Ripple Custody,” the fintech company is preparing to provide crypto storage options for individuals and organizations.
The trademark application follows Ripple’s launch of a custody service in October 2024, the company’s first foray outside of its usual payment settlement focus.
The service was created to boost Ripple’s role in the larger crypto ecosystem and diversify its sources of income.
The trademark application submitted to the USPTO outlines four primary use cases for the new brand.
According to one of the most important descriptions, the mark applies to “financial services, namely, custodial services like maintaining storage and cryptocurrency for financial management purposes. ” This action demonstrates Ripple’s intention to join the expanding crypto custody market, which has grown more competitive as institutional interest in digital assets has increased.
Cryptocurrency custodians lower the risks of cyberattacks, unauthorized access, and private key loss offering safe storage options for digital assets. Institutional investors, who need strong security measures and regulatory compliance, find these services especially beneficial.
Demand for crypto custody has increased, particularly since spot Bitcoin exchange-traded funds (ETFs) were authorized by the US Securities and Exchange Commission (SEC) in early 2024. Institutional-grade custody solutions are more important than ever because ETFs attract billions in inflows.
Many financial firms may face competition from Ripple’s entry, especially if it uses blockchain technology and the current network of financial partners.
Ripple’s entry into the custody services market may be a logical next step for the company with its track record of offering enterprise solutions for cross-border payments,
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