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- Ripple Labs Inc. filed a new brand under the PayString name on November 6th.
- The community is currently speculating whether Ripple is still working on releasing a new product.
Since the launch of XRP Ledger in 2012, Ripple has already established numerous partnerships with heavyweights such as Santander Bank, MoneyGram or the SBI group from Japan. Following the recent launch of Line of Credit, a new patent application indicates Ripple is working on a new product.
New trademark applied for by Ripple Labs Inc
Ripple’s attentive enthusiast “Janna One Trick” drew attention via Twitter to a new Ripple trademark registration. The trademark application was filed on November 6, 2020 and is very similar to the trademark registered by PayID in June. Both the symbols and the literal description of the brand are strikingly similar.
Ripple Labs has filed a new trademark application for “PAYSTRING”
06-11-2020 – Application submitted
Same symbol as PayID that was unveiled in June
Same description word for word (see pictures) of PayIDhttps: //t.co/xRX9wLO9Lw pic.twitter.com/jlJOJCg81l– Janna One Trick (@Janna_One_Trick) November 11, 2020
The description says:
Registration of the PAYSTRING ™ trademark is intended to cover the categories of electronic financial services, i.e., monetary services for the receipt and disbursement of remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for exchange of fiat currencies and virtual currencies on a computer network; Electronic financial services, namely, receiving and providing monetary payments and gifts in fiat currencies and virtual currencies over a computer network;
What new type of payment solution or product might be involved is therefore still pure speculation for the moment. PayID is a new technology developed to provide a universal payment identifier with a free standard. PayID’s goal is to increase interoperability between different payment networks.
Users can use PayID as a standardized format without having to use eternal XRP account addresses. PayID is used by 40 globally active companies and adaptation continues to increase, especially in e-commerce. Payburner recently announced to integrate PayID for its users.
Ripple is the fourth most valuable Fintech company in the world
Over the past few weeks, Ripple has always written new titles. According to the quarterly report for the third quarter, the company increased the average daily volume of XRP from $ 196.28 million to $ 403.58 million. This figure shows a significant increase in network usage and a further increase in the adoption of Ripple’s On-Demand Liquidity (ODL) payment solution.
Another new product has recently been, as already mentioned, “Line of Credit” which allows ODL clients to take out loans in the form of XRP. The product is designed to help companies overcome initial growth obstacles by allowing them to quickly raise new capital through XRP Ledger.
As reported just yesterday by Crypto News Flash, Ripple has also risen to become the fourth most valuable Fintech company in the world, according to a report by CBInsights. Ripple was valued at $ 10 billion in the report, ahead of other well-known industry leaders such as Coinbase ($ 8 billion (USD), Robinhood ($ 7.6 billion) and Circle ($ 3.5 billion (USD)).
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