Ripple Labs has submitted a trademark application for the term “Ripple Custody,” suggesting that the firm associated with the XRP token is contemplating an expansion into the crypto custody sector.
The application outlines four intended applications for the trademark, including one that states, “Financial services, specifically custodial services involving the storage and possession of cryptocurrency […] for financial management purposes.”
Crypto custodians are responsible for safeguarding and managing digital assets on behalf of both individuals and institutions, helping to mitigate risks like private key loss and security breaches. The appetite for custody services has surged in recent years, particularly following the approval of exchange-traded funds (ETFs) in the US in 2024. Prominent entities in this arena include Coinbase, Citi, and BNY Mellon, among others.
Following the launch of its custody service in October 2024, Ripple’s trademark application marks the firm’s efforts to diversify its income sources beyond its payment settlement offerings.
A representative from Ripple did not provide any comments regarding the trademark submission.
### Is Ripple Planning to Introduce a Crypto Wallet?
Another potential use case mentioned in the trademark application refers to “downloadable software for the custody of cryptocurrency, fiat currency, virtual currency, and digital currency; downloadable software for the transmission and storage of cryptocurrency, fiat currency, virtual currency, and digital currency.”
This may suggest that Ripple is considering launching a cryptocurrency wallet to support its own XRP token or a broader array of digital assets. At present, the company does not have a crypto wallet in its lineup. Introducing wallet services could create an additional revenue stream for Ripple through transaction fees.
Existing providers that support XRP and other cryptocurrencies include hardware wallets like Ledger and Trezor, as well as software solutions such as Trust Wallet and Exodus.