San-Francisco-based fintech firm Ripple Labs Inc. has filed for a trademark for a product focused on financial services, on Nov. 6.
As the filing explains, the product in question is called PayString and falls under categories such as “electronic financial services, namely, monetary services for receiving and disbursing remittances and monetary gifts” in both fiat and virtual currencies.
The planned service is also set to allow users to exchange fiat and virtual currencies over a computer network, as well as to provide them with financial transaction verification services, financial management and administration services, and electronic transmission of digital currency.
According to the United States Patent and Trademark Office, the application has been accepted, but not yet assigned to an examiner, as of Nov. 14.
In June, Ripple filed for two trademarks for a similar product dubbed PayID in the United States. Ripple used PayID in conjunction with 40 companies in the Open Payments Coalition, several of which were based in Australia.
After a major Australian payments company called New Payments Platform Australia (NPPA) discovered about it, NPPA accused Ripple of illegal use of its brand and filed a lawsuit against the fintech startup.
The suit alleges that the trademark “PayID” was developed by NPPA and launched in February 2018, with a $3.3 million Australian dollars campaign, including international advertising.
However, it appears that NPPA secured a copyright for “Pay ID” with a space in March 2017 in Australia, and filed for “PayID” without a space in October 2017.
The October application for “PayID” with no space lapsed. The Australian government did not issue the trademark.
As BeInCrypto previously reported, Ripple executive chairman Chris Larsen warned that the firm is close to moving its headquarters overseas in response to excessive regulation in the US.