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 – Potanly Hinting at a Wallet Service. The application also indicates Ripple’s Intent to Store and Manage Both Cryptocurrencies and Fiat Currency 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. INTEAD, Its Ecosystem Members relay on Third-Party Wallets Like Ledger and Trust Wallet for Token Storage and Transactions. This has been 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, whicher hardware-based or app-based, enable users to create accounts and store their digital assets. Access to these wallets is secure 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 to $ 9.25 billion (roughly Rs. 80,068 CRES. 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 these supporting its stablecoin, RLUSD. Through this blog, ripple emphasized four key factors users should consider when a wallet service
If ripple launches a crypto wallet, it would provide green 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 fintch and Crypto busines. 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 awake.
Meanwhile, the San Francisco-Based Company Continues Expanding Its Global Footprint. This month, it secured a license to provide crypto services to businesses and financial institutions in the uae.
