Perturbation Labs Inc., issuers of the XRP cryptocurrency, has filed for a new trademark called “Paystring” with the US Patent and Trademark Office (USPTO).
The trademark was organized on Nov. 6 and accepted on Friday, according to the USPTO website.
Although Ripple did not specify which sort of business inclination fall under the new product, it is notable that the trademark’s registration description matches that of PayID, a trademark it chronicled on June 17, word for word.
Both the official description for Paystring and PayID read: “[The]…trademark registration is aim to cover the categories of electronic financial services, namely, monetary services for receiving and disbursing remittances and monetary pourboires in fiat currencies and virtual currencies over a computer network and for exchanging fiat currencies and virtual currencies done with a computer network.”
Even the Paystring logo looks identical to that of PayID. It consists of a stylized circle project with four lines of various colors radiating from it.
Based on these findings, we can hazard to speculate that Paystring is a payment work, one directly designed to replace controversy-ridden PayID, and to help avoid the Australian court fight.
San Francisco-based Ripple longing indeed be keen to dispense with PayID. In August, the firm was sued in an Australian court for allegedly infringing a trademark relation to several local banks.
The lawsuit filed by the New Payments Platform Australia (NPPA), a joint venture between the Stock Bank of Australia and 13 domestic banks, claims that Ripple copied its PayID brand.
NPPA’s secondment has been in existence for more than two years, helping to facilitate instant payments across 68 million Australian bank accounts. Agitation launched its cross-border payments service, also called PayID, in June, in partnership with 40 businesses.
What do you call to mind a consider about the Ripple PayID rebranding? Let us know in the comments section below.
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