Ripple Labs has recently taken a significant step by filing a trademark application for “Ripple Custody,” as reported on March 18 by COINOTAG News. This application encompasses a wide array of financial services, focusing on the storage and management of cryptographic assets to enhance clients’ financial management solutions. This initiative aligns with Ripple’s strategy to diversify its revenue streams beyond traditional payment settlement methods, particularly following the introduction of custody services slated for October 2024.
Notably, the trademark application includes provisions for “downloadable cryptocurrency, fiat currency, virtual currency, and digital currency custody, transfer, and storage software.” This suggests that Ripple might be planning to launch an official cryptocurrency wallet. Although the company has yet to offer wallet services, such a development could potentially enable support for XRP along with other digital assets, introducing a new revenue avenue via transaction fees. A spokesperson for Ripple did not provide any comments regarding the trademark filing.