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 reports 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 belongings. Access to those wallets is secured by personal 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 p.c.
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 blog outlining varied kinds of crypto wallets and itemizing these supporting its stablecoin, RLUSD. Through this weblog, Ripple emphasised 4 key elements customers ought to think about when selecting a pockets service — personal key possession, safety, privateness, and person expertise.
If Ripple launches a crypto pockets, it may present better help to its group whereas producing transaction payment 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 continues to be awaited.
Meanwhile, the San Francisco-based firm continues increasing its world footprint. This month, it secured a licence to offer crypto providers to companies and monetary establishments within the UAE.
