Ripple Files a New Trademark for a Potential Payment Service

According to the latest filing, San Francisco-based blockchain solution provider for global payments, Ripple registered a trademark with the U.S. Patent and Trademark Office (USPTO) on 6 November.

The new filing gives little information about the possible new product “PayString” as the company didn’t mention the exact details about the upcoming product. The description provided by Ripple for PayString is identical to USPTO filing for RippleNet earlier this year.

The developer of different XRP-related products filed two trademarks earlier this year in August and surprisingly with the same description used for RippleNet and PayString.

The official description in the filing says, “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.”

The filing application is classified under the categories of “Insurance and Financial” and “Advertising and Business”. The above-mentioned use cases in electronic financial services, monetary services, and exchanging fiat and virtual currencies over a computer network show that most probably the company is looking to add another payment service in its network.

Expansion

Financial Magnates earlier reported about the opening of Ripple’s office in Dubai International Financial Center. A move that came after the media statements of Ripple CEO Brad Garlinghouse about moving the company’s San Francisco headquarters to a location better suited for XRP and other crypto-related products. The company has stepped up its efforts to introduce innovative fintech products in order to facilitate the Ripple community.

Ripple reported a strong third quarter with XRP volume jumped more than 100% compared to the second quarter of 2020. The company also announced in a report that it is building new on-demand liquidity (ODL) capabilities to source XRP liquidity from the open market and not just the Ripple.