- Content of the PayString request
- Ripple transfers fiat money
- Is PayString Really New?
What is included in the application for PayString?
Ripple, the San Francisco-based provider of blockchain-based payment systems, has registered a trademark for a potential new product called “PayString”. The application, which was filed with the U.S. Patent and Trademark Office (USPTO) on November 6, 2020, was granted a week later on November 13, 2020. In the USA, it is classified in the general categories of “Advertising and Business” and “Insurance and Finance”. In the continuation of the patent application there is an explanation of the logo. The multi-colored mark for the branding has the form of a “stylized circle design with four lines radiating from it”, according to the description in the application. The only thing left for the community to do at the moment is to speculate about what the new trademark will be used for. However, much reliable information about this is not (yet) in circulation.
The patent application describes use cases for electronic financial services. More precisely, it should be a monetary service for receiving and paying out transfers and monetary gifts in fiat currencies and virtual currencies via a computer network. In addition, it should be possible to exchange fiat money and digital currencies in this network.
All of this fits in with Ripple’s existing business model. Based on distributed ledger technology, Ripple provides payments between institutions such as banks and money senders. Some of them are already using Ripple’s native cryptocurrency XRP. The patent application for RippleNet, the company’s main offering, has the same description as PayString.
Ripple is considering transferring funds from fiat currencies
It is imperative that Ripple obtain approvals in order to be able to conduct the transactions of trading or sending these fiat funds at all. Consent must come from both the USA and the countries in which PayString is to be available. Ripple’s main focus is on building a network that can perform cross-border transfers using the XRP cryptocurrency. With the introduction of the payment service Paystring, Ripple can definitely compete with companies like PayPal and Venmo.
Ripple has not yet made any statements on the matter. This week, PayPal officially introduced Bitcoin, Litecoin, Ethereum and Bitcoin Cash transactions in the USA. This puts PayPal 1-0 in the struggle for the favor of customers and users against Square and blockchain-based companies like Ripple. Regardless of this, Ripple’s price rose when the patent application for PayString became known. A sign that the market has responded positively.
Criticism of XRP is increasing
XRP recently faced harsh allegations from famous analyst Peter Brandt. Among other things, he called for XRP to be declared a security, which drew the reaction of investors. Ripple, on the other hand, proved that it continues to work despite all the criticism by announcing the PayString development without an official statement.
Is PayString really a new product from Ripple?
According to media reports, the new brand symbol suggests that Ripple has a new payment product in the pipeline. But that may not be the case.
On closer inspection, the PayString trademark is identical to the PayID logo. PayID was an open source payment identification service launched by Ripple this June. The new trademark for PayString introduced by Ripple is almost identical to that of the previously introduced PayID service.
Quelle: Ripple-Labors / USPTO
Members of the Ripple community quickly pointed out the similarity of the logos, suspecting that the new PayString brand was a replacement for PayID.
Loud a member of the Ripple Community, the description of PayString matches the description of the trademark registration of PayID, which was filed with the USPTO in June.
left: Ripple’s PayID logo – right: PayID logo from NPP Australia
A group of 13 financial institutions, including NPP Australia, sued the crypto company in August for trademark infringement of their payment transaction product, also known as PayID.
In 2018, the NPP had registered the PayID trademark. This Court document outlines the nature of the dispute. From another Court document it emerges that the NPP registered the trademark in 2018 and sued Ripple for using the same name. Ripple agreed to change the logo to continue its service in Australia.
These events suggest that the company’s recent renaming was not arbitrary and was, in fact, a result of litigation with NPP.
With the successful patent application of PayString, Ripple remains true to its agenda of becoming the leading blockchain-based payment service provider for fiat and crypto currencies. Even if there are no official statements from Ripple about PayString so far, the community is comparatively sure about the new patent application. Logo and lettering are almost identical to the previous PayID trademark. However, Ripple was charged with trademark infringement because the name was identical to the PayID payment service of NPP Australia and wanted to change the logo.
What exactly is hidden behind PayString remains the subject of speculation. The descriptions in the patent application give an idea of the direction, but we can only really be sure after an official statement from Ripple.