Ripple Labs Inc., the publisher of the XRP cryptocurrency, has applied to the United States Patent and Trademark Office (USPTO) for a new trademark called “Paystring”.
According to the website of the United States Patent and Trademark Office, the trademark was filed on November 6 and accepted on Friday.
Although Ripple did not specify which business the new product will belong to, it is worth noting that the trademark registration instructions match the trademark PayID registered on June 17.
The official descriptions of Paystring and PayID are both displayed as:[The]…Trademark registration aims to cover the category of electronic financial services, that is, money services used to receive and pay remittances and monetary gifts of legal currency and virtual currency through computer networks, and to exchange legal currency and virtual currencies through computer networks. “
Even the Paystring logo looks the same as PayID. It is composed of a stylized circle design with four lines of various colors radiating out.
Based on these findings, we may take the liberty to speculate that Paystring is a payment service directly designed to replace the controversial PayID and help avoid litigation in Australian courts.
Ripple, based in San Francisco, is indeed eager to waive PayID. In August, the company was sued in an Australian court on the grounds that the company infringed the trademarks of several local banks.
A lawsuit filed by the New Payment Platform for Australia (NPPA), a joint venture formed by the Reserve Bank of Australia and 13 domestic banks, alleges that Ripple copied its PayID brand.
NPPA’s service has been in existence for more than two years, and it has helped facilitate instant payments in 68 million Australian bank accounts. Ripple launched a cross-border payment service, also known as PayID, in cooperation with 40 companies in June.
What do you think of Ripple PayID renaming? Let us know in the comments section below.
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