Ripple Labs (RPL) files a trademark application for "Ripple Custody" with the USPTO

This move signals Ripple's deeper involvement in digital asset custody, a sector expected to surpass $20000000000 as institutional interest grows.

Ripple is venturing deeper into digital asset custody with a new trademark application for "Ripple Custody" filed with the United States Patent and Trademark Office (USPTO).

The filing, submitted on February 25, is still pending assignment to an examiner. This move comes as the digital asset custody sector is poised for significant growth, with estimates projecting the market to exceed $20 trillion as institutional interest in cryptocurrencies continues to rise.

Key Features of Ripple Custody

The trademark application describes Ripple Custody as downloadable and cloud-based software designed to provide comprehensive protection for cryptocurrencies and fiat currencies. The service will offer users the ability to store, transmit, and manage both digital and traditional assets seamlessly.

According to the filing, the service includes:

* Software for use in providing financial services, namely, custody services for cryptocurrency and fiat currency

* Downloadable software for providing a framework that can be used by third-party developers to develop decentralized applications (DApps) and cryptocurrency payment services

* Providing a portal for managing and transferring cryptocurrency and fiat currency

* Providing a platform for broadcasting messages and integrating with Web3 applications

* Cryptocurrency and fiat currency hot and cold wallet services

* Secure storage solutions for clients requiring high-security levels

The Ripple Custody initiative is targeted at providing a seamless and efficient custodial service to institutional investors. It will offer a secure custody solution that integrates with Web3 applications and supports real-world asset (RWA) tokenization. The system also provides 24/7 secure settlement and swift asset transfers for clients who demand top-tier security in their storage options.

Institutional Expansion and Regulatory Developments

Ripple has been expanding its operations in other areas as well. The company recently received regulatory approval from the Dubai Financial Services Authority (DFSA), becoming the first blockchain-based payment provider to gain this status.

This recognition as a Category 4 Payment Institution in the Mena region underscores Ripple's commitment to global financial inclusion and open banking initiatives.

The Ripple Custody service is expected to play a key role in facilitating institutional asset management, offering a custodial framework that aligns with prevailing security and compliance standards. As more financial institutions integrate cryptocurrency custody solutions into their operations, Ripple stands ready to provide advanced custodial services that cater to the evolving market demands.

While Ripple expands its digital asset custody services, its legal battle with the U.S. Securities and Exchange Commission (SEC) is still ongoing. Reports from Politico suggest that the SEC is currently deciding whether to classify XRP as a commodity, a move that could have a significant impact on Ripple's regulatory landscape.

This decision may also influence Ripple's ability to offer Ripple Custody and its broader institutional products and services.

As the legal proceedings continue, Ripple is taking steps to strengthen its presence in crypto custody and expand its offerings in the broader financial services sector.