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Ripple PayID Lawsuit Results to PayString Registration

Ripple PayID Lawsuit Results to PayString Registration
  • Ripple PayID lawsuit has caused it to file a trademark registration with the USPTO for PayString.
  • PayString is identical to PayID, which is facing a trademark lawsuit in Australia.
  • Ripple has had partial success in its XRP lawsuit.

Following the Ripple PayID lawsuit, the San Francisco-based fintech firm has registered a trademark named PayString with the US Patent and Trademark Office (USPTO).

Ripple applied for the PayString trademark registration on November 6 and is waiting to be approved. As per the application, PayString will function as a fintech service which allows users to send or receive money including cryptocurrency. Ripple Labs did not go over with the specifications of its upcoming service.

Many found this application interesting since Ripple seems to have abandoned its previous trademark application for PayID. This was due to a lawsuit regarding the trademark in question just a couple of months ago. Specifically, New Payments Platform Australia (NPPA) filed a lawsuit against Ripple because the latter registered PayID this year. Meanwhile, NPPA’s PayID was already active two years back.

Ripple is already facing a lawsuit in the US regarding its native cryptocurrency XRP. A number of persons sued Ripple, claiming that XRP is a security and that the latter sold it regardless. Recent developments show that the plaintiffs cannot prove that Ripple knew XRP did not have any utility. Moreover, the court handling the case granted “in part” Ripple’s motion, although the fight is still far from over.

With this, Ripple might not want to bother with another lawsuit since it is already preoccupied with the one concerning XRP. In fact, this lawsuit is already too much, prompting Executive Chairman Chris Larsen to consider relocating to crypto-friendly countries.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.