Ripple, the blockchain payments technology firm based in San Francisco has registered a new trademark with the United States Patent and Trademark Office shortly known as (USPTO) which is an agency in the United States Department of Commerce. Ripple’s newly-registered trademark is for its product called PayString. Reportedly, the filing was made on the 6th of November and has been accepted on the 13th of November.
As per a report of USPTO, the trademark registration of PayString will be covering a range of electric financial services’ categories such as “monetary services for receiving and disbursing remittances and monetary gifts in fiat currencies and virtual currencies over a computer network and for exchanging fiat currencies and virtual currencies over a computer network; electronic financial services, namely, receiving and disbursing payments and monetary gifts in fiat currencies and virtual currencies over a computer network; financial services, namely, providing a virtual currency for exchange over a computer network…,” and some others.
Some in the cryptocurrency community believe that the blockchain payment firm is coming with the launch of a new product with this trademark registration. However, it might not be the true case as a community member known as Panda Ripple XRP has said in a tweet that the company will be rebranding its PayID service to PayString because of the trademark infringement.
Moreover, the description of the trademark application of PayID is also similar to that of PayString’s trademark application’s description. PayID’s trademark application was registered in the month of June with the United States Patent and Trademark Office when Ripple introduced this open-source payment identification service. In addition to this, the logos of these two products are also identical to each other. This also shows that the blockchain payment behemoth is planning the rebranding of PayID.
In the month of August, a lawsuit was filed against Ripple over trademark copyright infringement by a company known as NPP Australia which is owned by thirteen financial organizations. NPP Australia said that it had filed a trademark registration for its PayID product back in the year 2018. The company alleged that Ripple has copied their product’s name.