San Francisco-based enterprise blockchain company Ripple has applied for the "Ripple Custody" trademark in the U.S.
Based on the information provided in the application, Ripple is currently working on both downloadable and cloud-based software that makes it possible to safeguard cryptocurrencies and fiat currencies.
The application has already been received and recorded, but no examiner has been assigned by the United States Patent and Trademark Office (USPTO) to review it so far, meaning that the trademark is yet to be approved.
It might take a few months for the trademark application to be reviewed and approved. The USPTO can reject an application if there is a conflicting trademark.
Last year, the company also applied for several new trademarks in the U.S. ("Ripple Payments," "RLUSD" and "Ripple USD").
The most recent trademark application shows that the San Francisco-based company is increasingly focused on its custody business.
The company forked out $250 million to acquire Swiss custody firm Metaco back in 2023. Since then, it has substantially expanded its presence in the burgeoning sector, introducing a "bank-grade" service in October 2024.
As reported by U.Today, Ripple's Cassie Craddock mentioned that custody would be one of the most promising areas for the cryptocurrency industry.
The global cryptocurrency custody market is now expected to grow to a whopping $100 billion in less than a decade from now.
In late February, the company joined forces with South Korea-based custodian BDACS in order to offer custody for XRP and the Ripple USD (RLUSD) stablecoin.
U.Today Editorial Team
Dan Burgin
