Fintech firm Ripple reawakened a seemingly resting XRP Army after news emerged about the company’s filing of a trademark application for “Ripple Custody,” months after it launched a custody service.
The XRP Army, the community of long-time XRP token holders, immediately kicked off discussions on how the development could affect XRP in the long-term. Before news of the filing spread on X, many XRP coin holders were rather silent amid plunging prices across the board in the crypto space.
Ripple presents use cases
As per the filing, the word mark Ripple Custody can be utilized for the following goods and services:
- Downloadable software for custody of cryptocurrency, fiat currency, virtual currency, and digital currency
- Downloadable software for crypto transmission and storage
- Custodial services for maintaining storage and possession of digital and fiat currencies
- Peer-to-peer network computer services, including “electronic transmission of financial data over electronic communications networks” for custody and storage
- Provision of temporary online non-downloadable software for crypto and fiat custody
Ripple launched a custody service in October. At the time, the fintech-blockchain firm said it was looking to diversify its payment settlement business.
The service targeted banks and fintech firms, empowering them to store digital assets on behalf of their clients.
$XRP Army rallies to support Ripple
Veteran XRP holders have been discussing on X overnight, laying out their expectations of the developments around the overseer of the XRP Ledger’s development.
“If they nail this, it could be a game-changer for institutional adoption,” said one user, referring to the potential institutional utility of the XRP token, which has been designated as a non-security when offered on exchanges.
Many others across the crypto space said the news is “bullish” and “positive” for the XRP coin, which has seen much volatility in recent weeks amid a broader crypto market downturn.
One user seemed to get right through what Ripple was planning. “Crypto custody is the next battleground, and they’re setting the stage early,” the user wrote.
Last month, Ripple wrote on a blog post that crypto custodians have what it takes to meet the needs of institutional customers.
It noted how Ripple Custody can help drive adoption and innovation in the digital era of finance.
“Ripple Custody provides a competitive advantage by removing the frictions associated with managing digital assets. Its single, fully integrated platform reduces costs, improves security and creates efficiencies—all while ensuring compliance and unlocking new revenue streams,” the company wrote.
Meanwhile, XRP saw a slight bump Monday night following news of Ripple’s latest move. The digital coin was up 0.3% in the day, a small move up during a significant downtrend in the broader crypto market.
The post Ripple Revives $XRP Army After Filing Trademark Application For Custody Service appeared first on International Business Times.
