Ripple Expanding into Digital Asset Custody
Ripple is making strides in the digital asset custody space with the recent filing of a trademark for “Ripple Custody” at the United States Patent and Trademark Office (USPTO).
Key Points:
- Application submitted on Feb. 25, awaiting assignment to an examiner.
- Ripple aiming to tap into the rapidly growing custody sector, projected to exceed $20 trillion.
- Acquisitions of Metaco and Standard Trust to enhance custody offerings.
Ripple Custody Features
The trademark filing outlines that Ripple Custody will provide downloadable and cloud-based software for safeguarding cryptocurrencies and fiat currencies.
Main Features:
- Secure storage, transmission, and management of digital and traditional assets.
- Comprehensive custodial service for institutional clients.
- Peer-to-peer network for electronic data transmission and Software-as-a-Service (SaaS) model.
Ecosystem Growth
Ripple’s custodial efforts are part of its broader strategic advancements, including regulatory approval from the Dubai Financial Services Authority (DFSA) and ongoing legal battles with the US Securities and Exchange Commission (SEC).
Recent Developments:
- Regulatory approval from DFSA, first blockchain-based payment provider to receive such recognition.
- Ongoing legal battle with the SEC regarding XRP classification.
Overall, Ripple’s foray into digital asset custody and its regulatory advancements demonstrate its commitment to innovation and growth in the blockchain space.
