Cryptocurrency World is always expected to have new changes and initiatives. Recently, Ripple Labs has applied for a trademark called “Ripple Custody”, which indicates that Ripple is now planning to step into Crypto Custody Business. With this step Ripple The crypto market is expected to further strengthen its position. This step expands the company’s strategy, which was limited to the earlier payment solutions and is now entering the Crypto Custody Service.
Increasing importance of Crypto Custody Service
The importance of crypto custody service has increased rapidly in recent years, especially after approval of Bitcoin ETFS in 2024. The Proper Management of Security and Crypto Assets for Investors and Institutions has now become a primary concert. Safe store solutions surctions have increased to lose private keys and to protect against security threats. This can be a new important step of Ripple in this direction, as it can provide safe and relative solution to institutional investors and crypto users.
The trademark application of Ripple’s “Ripple Custody” service indicates that the company is now planning to provide software to keep crypto assets safe. It can also offer downloadable software with transmission and storing features, which can make the crypto custody service even more attractive. The move can enter a new market segment, which will compete with big players like Coinbase, CITI and Bny Mellon.
Recently, Ripple has launched Custody Service for XRP, RLUSD with BDACS of South Korea. Under this partnership, Ripple will provide institutional-grade custody solution for XRP and RLUSD. The step has been taken under the schemes of South Korea’s Financial Service Commission (FSC), which is working to promote digital assets adoption. This partnership will give Ripple a chance to strengthen its position in the Asia Pacific (APAC) sector.
Ripple’s potential wallet and its effect
Ripple’s trademark application also indicates that the company may plan to launch a crypto wallet, which will be able to handle the XRP and other digital assets. Although Ripple has not announced this wallet, this product may be an important milestone for XRP pockets. If Ripple launches its wallet, it will not only be a new way for XRP holders to keep their assets safe, but can also help it to bring solidarity in Ripple’s ecosystem. Additionally, a new presence of transaction fees through ripple pockets can also generate a new revenue model for the company.
Currently, users use wallets such as Ledger, Trezor, Consider Pockets and Exodus to keep their crypto assets safe. In such a situation, if Ripple Establish itself successfully in this competition market, it can be an easy and centralized solution for XRP and other cryptocurrency.
Recently to offer crypto payment services RIPPLE licensed DFSA in UAE Has done Now, Ripple Dubai will be able to provide its services in Global Monetary Center (DIFC), which is a free-economic sector. After this approval, Ripple will be able to provide Global blockchain payment solutions to UAE business.
Conclusion
Ripple’s “Ripple Custody” trademark application is an important indication that the company is now going to step into the Crypto Custody and Wallet Service Field. This step will discover the new business opportunity for Ripple and a new era can be introduced for users in the safe management of Crypto Assets. If Ripple launches its wallet and custody service successfully, it can bring a positive change not only for XRP users, but also for overall crypto ecosystem.
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