Ripple Labs is reportedly trying to increase its custody companies with a digital pockets providing. In February, the XRP issuer filed a trademark utility titled “Ripple Custody,” in search of approval for “downloadable software” for crypto custody—probably hinting at a pockets service. The utility additionally signifies Ripple’s intent to retailer and handle each cryptocurrencies and fiat currencies as a part of its monetary companies
In 2024, Ripple launched a crypto custody service for banks and fintech companies however has but to supply a pockets service. Instead, its ecosystem members depend on third-party wallets like Ledger and Trust Wallet for token storage and transactions. This has led to experiences speculating that Ripple’s latest trademark submitting goals to prioritise a pockets service.
For now, Ripple has neither confirmed nor denied plans for a crypto pockets.
Cryptocurrency wallets, whether or not hardware-based or app-based, allow customers to create accounts and retailer their digital property. Access to those wallets is secured by means of non-public keys, which could be saved both throughout the pockets platform or by the customers themselves. As per a report by Research and Markets, the crypto pockets 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 achieve $32.75 billion (roughly Rs. 2,83,486 crore) by 2030, with a CAGR of 23.39 %.
With a surge of pockets apps flooding the crypto market, Ripple has been working to coach its group on trusted choices. In December, the corporate printed a weblog outlining varied kinds of crypto wallets and itemizing these supporting its stablecoin, RLUSD. Through this weblog, Ripple emphasised 4 key components customers ought to take into account when selecting a pockets service — non-public key possession, safety, privateness, and consumer expertise.
If Ripple launches a crypto pockets, it might present better help to its group whereas producing transaction charge income for the corporate, a CoinTelegraph report famous.
Ripple’s crypto custody service for banks and fintech companies, additionally known as Ripple Custody, was launched final October, providing bank-grade custody options to fintech and crypto companies. For now, it seems that a possible pockets service may very well be launched beneath the Ripple Custody model. However, an official affirmation from Ripple remains to be awaited.
Meanwhile, the San Francisco-based firm continues increasing its international footprint. This month, it secured a licence to offer crypto companies to companies and monetary establishments within the UAE.
