- Ripple Labs’ recent trademark filing for “Ripple Custody” follows their institutional digital asset custody blog and suggests expansion beyond their core payments business.
- The application covers software for managing cryptocurrencies and financial custodial services, alongside network services for secure financial data transmission.
- In October 2024, Ripple launched a custody platform for tokenised assets that will be used by major banks including BBVA, DBS and Societe Generale Group.
- XRP price has responded positively to these developments, rising 15% week on week to reach US$2.34, despite confusion around an SEC website proposal by Maximilian Staudinger.
Ripple Labs has just filed an application for a trademark on the phrase ‘Ripple Custody’. This comes just a week after they released a blog post about institutional digital asset custody, titled ‘Digital Asset Custody: A Guide to Crypto Custody for Institutions’.
This indicates that they are looking to expand their crypto asset custody services beyond their core business of payments.
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The filing includes use cases for downloadable software for managing, transmitting and storing cryptocurrencies and other currencies, along with financial custodial services for these assets.
It would also cover network services for the electronic transmission of financial data, enhancing the efficiency and security of transactions, as per the filing.
The wording of the filing has led to speculations that Ripple may be working on a crypto wallet – they currently don’t offer such a service.
Ripple’s Forays Into the World of Crypto
In October 2024 Ripple announced the launch of a custody platform to allow bank-grade storage, transfer and settlement of tokenised financial assets.
According to Ripple president Monica Long, big banks like BBVA, Singapore’s DBS and Societe Generale Group would be using the platform, which she called the “de facto tech”, for these banks.
Last year the company also launched its own stablecoin, RLUSD, in a bid to broaden its stance in the crypto sector. Some in the community see the stablecoin and custody efforts as a sort of financial trojan horse.
XRP Price Surges on Flurry of News
Meanwhile, XRP has reacted positively to the events, gaining as much as 15% week on week. Currently, XRP trades for US$2.34 (AU$3.66), with a daily trading volume of US$3.46 billion (AU$5.42 billion), down 11%.
Over the weekend, the coin made waves when relatively unknown Maximilian Staudinger posted a proposal on the website of the US Securities and Exchange Commission (SEC).
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Staudinger made private comments about XRP’s utility as a strategic asset for the US Government. However, these comments were misinterpreted as coming from the SEC, incorrectly implying that the regulator had recommended the US purchase XRP.
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