Ripple Labs is reportedly looking to expand its custody services with a digital wallet offering. In February, the XRP issuer filed a trademark application titled “Ripple Custody,” seeking approval for “downloadable software” for crypto custody—potentially hinting at a wallet service. The application also indicates Ripple’s intent to store and manage both cryptocurrencies and fiat currencies as part of its financial services
In 2024, Ripple introduced a crypto custody service for banks and fintech firms but has yet to offer a wallet service. Instead, its ecosystem members rely on third-party wallets like Ledger and Trust Wallet for token storage and transactions. This has led to reports speculating that Ripple’s recent trademark filing aims to prioritise a wallet service.
For now, Ripple has neither confirmed nor denied plans for a crypto wallet.
Cryptocurrency wallets, whether hardware-based or app-based, enable users to create accounts and store their digital assets. Access to these wallets is secured through private keys, which can be stored either within the wallet platform or by the users themselves. As per a report by Research and Markets, the crypto wallet market grew from $7.52 billion (roughly Rs. 65,098 crore) in 2023 to $9.25 billion (roughly Rs. 80,068 crore) in 2024. It is estimated to reach $32.75 billion (roughly Rs. 2,83,486 crore) by 2030, with a CAGR of 23.39 percent.
With a surge of wallet apps flooding the crypto market, Ripple has been working to educate its community on trusted options. In December, the company published a blog outlining various types of crypto wallets and listing those supporting its stablecoin, RLUSD. Through this blog, Ripple emphasised four key factors users should consider when choosing a wallet service — private key ownership, security, privacy, and user experience.
If Ripple launches a crypto wallet, it could provide greater support to its community while generating transaction fee revenue for the company, a CoinTelegraph report noted.
Ripple’s crypto custody service for banks and fintech firms, also called Ripple Custody, was launched last October, offering bank-grade custody solutions to fintech and crypto businesses. For now, it appears that a potential wallet service could be introduced under the Ripple Custody brand. However, an official confirmation from Ripple is still awaited.
Meanwhile, the San Francisco-based company continues expanding its global footprint. This month, it secured a licence to provide crypto services to businesses and financial institutions in the UAE.
Source link
