[ad_1]
Ripple Labs Inc., issuer of the cryptocurrency XRP, has filed a new brand called “Paystring” with the US Patent and Trademark Office (USPTO).
The trademark was filed on November 6 and accepted on Friday, according to the USPTO website.
Although Ripple has not specified what type of business will fall under the new product, it should be noted that the trademark registration description matches that of PayID, a trademark registered on June 17, word for word.
Both the official description for Paystring and PayID says: “[The]… the trademark registration is intended to cover the categories of electronic financial services, namely, monetary services for the receipt and delivery of remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for the exchange of fiat currencies and virtual currencies over a computer network. “
The Paystring logo also looks identical to the PayID logo. It consists of a stylized circular design with four lines of various colors radiating from it.
Based on these findings, we can venture to speculate that Paystring is a payment service, designed directly to replace controversial PayID and to help avoid the Australian court brawl.
Ripple, based in San Francisco, will be really eager to do without PayID. In August, the company was sued in an Australian court for allegedly infringing a trademark belonging to several local banks.
The lawsuit filed by New Payments Platform Australia (NPPA), a joint venture between the Reserve Bank of Australia and 13 national banks, claims Ripple has copied its PayID brand.
NPPA’s service has been in existence for more than two years, helping to facilitate instant payments on 68 million Australian bank accounts. Ripple launched its cross-border payments service, also called PayID, in June, in partnership with 40 companies.
What do you think of the Ripple PayID rebranding? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
[ad_2]Source link
