Following the payment protocol – Ripple’s recent launch of its new beta service – dubbed Line of Credit, Ripple could now be working towards introducing a new product. One Twitter user and a dedicated XRP fan found that Ripple has registered a trademark for what could be its new product called “PayString.”
The mark consists of a stylized circle design with four lines radiating from it, seen in the image below:
Image Source: Twitter
The Twitter user going by the handle Janna One Trick drew attention to the fact that this new trademark was similar to the trademark registered in June by PayID – the Ripple backed open-source standard for transmitting money. According to the user, not only do the logos look alike but they even have a remarkably similar trademark description.
Image Source: Ripple
However, the new trademark “PayString” has been filed with the US Patent and Trademark Office (USPTO) with the application being classified under general categories such as “Advertising and Business” and “Insurance and Financial.” Ripple submitted the application to register the trademark on 6 November 6, 2020.
According to the filing, 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 cryptocurrencies over a computer network and for exchanging fiat currencies and virtual currencies over a computer network.”
At the time of writing, it remains unclear about the type of product that might be connected to this trademark and only invites speculation for now. It is important to note that the trademark registration for RippleNet also features the same description in its own filing.