Ripple Labs has filed a trademark application for the word mark “Ripple Custody,” indicating that the company behind the XRP (XRP) token is considering expanding its brand in the crypto custody space.
The filing notes four use cases for the word mark, including one that reads “Financial services, namely, custodial services in the nature of maintaining storage and possession of cryptocurrency […] for financial management purposes.”
Crypto custodians store and manage digital assets for individuals and institutions, aiming to minimize risks such as private key loss and security breaches. The demand for custody services has grown significantly in recent years, especially 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.
Screenshot of Ripple Labs’ trademark application. Source: JUSTIA Trademarks
The trademark filing follows Ripple’s launch of its custody service in October 2024. At the time, the company said the move sought to diversify its revenue streams beyond its payment settlement service.
A Ripple spokesperson declined to comment on the trademark filing.
Will Ripple launch a crypto wallet?
Another use case listed in the trademark filing reads, “downloadable software for custody of cryptocurrency, fiat currency, virtual currency, and digital currency; downloadable software for transmission and storage of cryptocurrency, fiat currency, virtual currency, and digital currency.”
The use case may indicate that Ripple could be planning to launch a cryptocurrency wallet, either to support its native token, XRP, or a wider variety of digital assets. Currently, the company does not offer a crypto wallet. The wallet services offering would provide another revenue stream to Ripple by collecting transaction fees.
Companies already offering support for XRP and other cryptocurrencies include Ledger and Trezor hardware wallets, Trust Wallet, Exodus and many others.
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