Ripple Files for US Crypto Custody Trademark to Step Into Storage Services

The filing suggests the company is expanding into the crypto custody market, potentially developing a crypto wallet for digital assets. In 2023, Ripple acquired Swiss-based digital asset custody provider Metaco for $250 million to grow its product suite.

In October 2024, the blockchain company announced new futures and functionality for Ripple Custody to provide banks and financial institutions with digital asset custody and management. This includes a tokenization solution through the XRPL ledger, added security options, and an improved user interface.

Custody solution offerings position Ripple as a competitor to Coinbase, BNY Mellon, and other companies.

The regulatory landscape in the United States has been shifting, with clearer guidelines on the horizon for digital asset custody. As the SEC vs. Ripple case nears a resolution, it’s expected that more blockchain companies, including Ripple, will be able to expand their services with greater legal certainty. 

Recently, Eleanor Terrett reported that the company is holding negotiations to reach an agreement with favorable terms.

The Role of Self-Custody Solutions 

Self-custody, where individuals or institutions manage their own crypto assets without relying on third parties, is becoming increasingly popular. 

For personal users, self-custody solutions like hardware and software wallets provide enhanced security by storing private keys offline. For institutions, the demand for self-custody is rising as more firms enter the crypto space.

Institutional solutions typically involve multi-signature wallets and advanced key management systems to ensure both security and compliance. Ripple, for instance, is developing services designed to meet institutional needs, offering secure and compliant custodial solutions for large-scale asset management.

While self-custody offers advantages, such as greater control and security, it also comes with the responsibility of safeguarding digital assets. Losing private keys means permanent loss of access to their funds and poor key management or weak security measures can lead to financial losses.