Ripple Labs files trademark for Ripple Custody

Ripple Labs has filed a trademark application for Ripple Custody, signaling plans to expand into cryptocurrency storage services. Experts at CoinMarketCap suggest this move indicates the company’s intention to develop a proprietary cryptocurrency wallet to support XRP and potentially other altcoins.

Analysts speculate that Ripple’s entry into custodial services could reshape the crypto market. Such a wallet would likely streamline XRP transactions, generating revenue for the company through fees while bolstering the utility and market position of XRP. However, CoinMarketCap notes that Ripple has not yet issued an official confirmation regarding these plans.

The trademark application implies that Ripple Labs is planning to enter the cryptocurrency custody business. CoinMarketCap experts speculate that the company may be aiming to compete with established institutional custodians like Coinbase, Citi, and BNY Mellon.