Ripples XRP: Ripple registers a trademark for a product focused on financial services
Ripple’s latest trademark application highlights a new product focusing on financial services.
The product is intended to provide users with financial management and administrative services.
The new service is called PayString.
New with Ripple’s XRP
The San Francisco-based Fintech company Ripple Labs Inc. (the company behind Ripples XRP) filed a trademark application on 6 November for a product focusing on financial services.
As explained in the notification, the product in question is called PayString and falls within categories such as „electronic financial services, i.e. monetary services for receiving and paying out transfers and gifts of money“, both in fiat and virtual currencies.
The proposed service will also enable users to exchange fiat and virtual currencies over a computer network, as well as provide financial transaction verification services, financial management and administration services and electronic transmission of digital currency.
According to the United States Patent and Trademark Office, the application was accepted on 14 November but has not yet been allocated to an examiner.
Trade mark wars
In June, Ripple applied for two trade marks for a similar product called PayID in the United States. Ripple used PayID in connection with 40 companies in the Open Payments Coalition, several of which were based in Australia.
After a major Australian payment company called New Payments Platform Australia (NPPA) learned about it, NPPA accused Ripple of illegal use of its trademark and filed a lawsuit against the Fintech start-up.
The suit alleges that the „PayID“ brand was developed by NPPA and launched in February 2018 with a $3.3 million Australian dollar campaign, including international advertising.
However, it appears that the NPPA secured copyright in Australia for „PayID“ with a space in March 2017 and filed „PayID“ without a space in October 2017.
The application filed in October for „PayID“ without spaces has become invalid. The Australian Government therefore did not issue the trademark.
Ripple’s CEO Chris Larsen has already warned that the company is about to move its headquarters overseas in response to excessive regulation in the US.