Renowned crypto payment giant Ripple has filed for the “Ripple Custody” trademark with the USPTO, as listed in the Justia U.S. legal database.
Ripple submitted the application on February 25. XRP community figure, Crypto Eri, recently discovered the update, highlighting it in a post on X.
Details of Ripple Custody Trademark
Under this trademark, Ripple aims to offer downloadable software for the custody of crypto assets, virtual currency, and fiat currency. It also seeks to provide downloadable software for transmitting, storing, and managing these assets.
The filing also covers peer-to-peer network services for the electronic transmission of financial data related to custody and storage, as well as providing temporary, non-downloadable software for the custody, transmission, and storage of these currencies.
Moreover, this includes Software as a Service (SaaS) for managing and transferring cryptocurrency, fiat currency, and digital currency.
Notably, this move comes several months after Ripple acquired the custody firm Metaco. Ripple is now progressing in its efforts to offer infrastructure services for institutions.
XRP Army Reacts
This latest development by Ripple has sparked massive optimism among XRP community members.
X user Noah Christopher believes Ripple is making significant strides in expanding into crypto custody, storage, and payments. Christopher speculated that, with increasing regulations, a secure and compliant platform could be a game-changer. “Are they positioning for mainstream adoption?” he pondered.
Other community members have pointed out that including fiat currency makes it even more intriguing.
Meanwhile, X user BobbyB checked for further clues through Ripple’s Custody app, available on both Google Play and the Apple Store. He discovered that the app is an authenticator for signing transactions related to Ripple’s institutional crypto custody solution, not a wallet solution for end users.
Crucial Timing of Ripple Trademark Filing
Meanwhile, the timing of Ripple’s custody trademark filing is particularly notable. It comes at a time when the U.S. Treasury is discussing with leading crypto custody firms to determine how to manage the national Bitcoin reserve.
Treasury officials have reached out to Anchorage Digital and two other firms to explore ways to secure U.S. Bitcoin holdings and gather insights on best practices for managing large digital asset stockpiles.
At present, the Treasury favors third-party custody for immediate security. However, it plans to eventually transition to self-custody using cold storage and private keys.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.