New Trademark for Ripple Launched
Last August, Ripple has been the subject of a lawsuit by NPPA, a payment platform that serves users across Australia.
The argument started with using the “PayID” name in Australia – which was already being used by NPPA.
NPPA claims that Ripple’s actions have constituted deceptive conduct, breaching both the Australian Security and Investments Act and Australian Consumer Law.
In a statement, NPPA claimed that Australian investors were at risk, as they could have been liable to confusion rising from a shared name.
PayID has served more than 68M bank accounts, starting from its launch two years ago.
“The aim of this action is to protect Australian consumers and businesses from potential losses or scams that could arise as a result of confusion created from a payments service using the same name.”
Rebranding of Ripple
Last August, Neil Murray SC stated that they would look for options and aiming to resolve the issue agreeably, if possible.
Ripple Labs filed a trademark for its rebranded platform with the US Patent and Trademark Office last week.
Labeled as “Paystring,” the new trademark hasn’t been explained by Ripple yet, but it is worth noting that the logo used has remained the same except for the name and the trademark description itself.
“[The]…trademark registration is intended to cover the categories of electronic financial services, namely, 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.”
Because of these similarities, it is entirely credible that this trademark will be used to re-launch the service in Australia, free from legal issues.
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