New trademark “PayString” points to new product

  • Ripple Labs Inc. filed a new trademark with the name PayString on November 06.
  • The community is currently speculating whether Ripple is again working on the release of a new product.

Since the launch of the XRP Ledger in 2012, Ripple has already established numerous partnerships with heavyweights such as Santander Bank, MoneyGram or the SBI Group from Japan. Following the recent launch of Line of Credit, a new patent application indicates that Ripple is working on a new product.

New trademark applied for by Ripple Labs Inc

The attentive Ripple enthusiast “Janna One Trick” has drawn attention via Twitter to a new trademark registration of Ripple. The trademark application was submitted on November 6, 2020 and is very similar to the trademark registered by PayID in June. Both the symbols and the literal description of the trademark are strikingly similar.

The description says:

PAYSTRING™ 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; electronic financial services, namely, receiving and disbursing payments and monetary gifts in fiat currencies and virtual currencies over a computer network;

What new type of payment solution or product might be involved is therefore still pure speculation for the time being. PayID is a new technology developed to provide a universal payment identifier with a free standard. The goal of PayID is to increase interoperability between different payment networks.

Users can use PayID as a standardized format without having to use the everlasting XRP account addresses. PayID is used by 40 globally active companies, with adaptation continuing to increase, especially in e-commerce. Recently Payburner announced to integrate PayID for its users.

Ripple is fourth most valuable Fintech company in the world

In the past weeks Ripple wrote new headlines again and again. According to the quarterly report for Q3, the company has increased the average daily XRP volume from $196.28 million to $403.58 million. This figure shows a significant increase in network usage and a further increase in the adoption of the On-Demand Liquidity (ODL) payment solution provided by Ripple.

Another new product was recently, as already mentioned, “Line of Credit” that allows ODL customers to take out loans in the form of XRP. The product is designed to help companies to overcome initial obstacles to growth by enabling them to raise new capital quickly through the XRP Ledger.

As Crypto News Flash reported only yesterday, Ripple has also risen to become the fourth most valuable Fintech company in the world, according to a report by CBInsights. Ripple was valued at $10 billion in the report, ahead of other well-known industry leaders such as Coinbase ($8 billion (USD), Robinhood ($7.6 billion) and Circle ($3.5 billion (USD).