- Ripple files for “Ripple Custody” to expand into the crypto storage market.
- The company’s custody sector growth is fueled by the $250M Metaco acquisition in 2023.
- Ripple’s global expansion includes a new office in Dubai’s financial center.
Ripple submitted an application for the “Ripple Custody” trademark, which shows the company’s plans to develop a cryptocurrency wallet application. The trademark application includes downloadable and cloud-based software that enables users to store cryptocurrency, fiat currencies, and digital assets. Ripple’s latest trademark application reinforces its cryptocurrency custody market expansion after the acquisition of Swiss custody firm Metaco for $250 million in 2023.
Application for Ripple Custody Trademark
Ripple submitted an application to the U.S. Patent and Trademark Office (USPTO) where it has been recorded as it awaits a review from an official examiner. An approval from the USPTO would take several months, and the application risks rejection because other trademarks may conflict with Ripple’s requested mark. Ripple’s application indicates its plan to create software that enables users to send and store various digital assets, such as cryptocurrencies and fiat currencies.
The registered trademark for “Ripple Custody” allows customers to download software for storage of virtual and fiat currencies. Moreover, Ripple aims to develop a peer-to-peer network computer services and Software as a Service (SaaS) solutions for custody and transmission of digital assets. The company revealed financial operations to store cryptocurrencies, virtual currencies and fiat currencies as part of its financial management services.
Ripple’s increased interest in cryptocurrency custody operations comes amid the projected $100 billion growth of the global cryptocurrency custody market in the next ten years. Ripple’s Cassie Craddock believes the crypto custody market could be one of the most lucrative sectors in the crypto market.
Ripple Custody Services Expansion
Ripple’s application supports previous developments such as Ripple’s partnership with South Korean firm BDACS to provide custody services for XRP and RLUSD stablecoin. Ripple continues to grow its cryptocurrency custody services and expand its business beyond its core payment network infrastructure RippleNet.
Ripple obtained multiple trademark registrations such as “PayString” and other services in 2020 which signals its market expansion plans. Ripple’s “PayString” filing shows how it would transmit remittances and exchange digital and traditional currencies across computer networks. The company’s trademark filings demonstrate its approach to develop diverse products in the financial sector.
The company has initiated substantial international growth with a recent establishment within the Dubai International Financial Center. The establishment of this new office comes after Ripple CEO Brad Garlinghouse mentioned plans to transfer headquarters to a more crypto-friendly environment. Ripple aims to develop modern fintech solutions and broaden its international presence to support its Ripple community.