By
Chimamanda U. Martha
April 18th, 2024
Amid the growing concerns about relocating its corporate headquarters due to regulatory concerns, Ripple Labs has filed a new trademark PayString.
Ripple Labs Inc has filed a new trademark with the United States Patent and Trademark Office (USPTO) for a business entity dubbed PayString. According to the data on the USPTO platform, the Ripple PayString filing was made on November 6th and the trademark has a mark that consists of a stylized circle design with four lines radiating from it.
The trademark appears not to bear a more different product compared to Ripple’s existing business offerings. In describing the new business and its proposed offerings, the USPTO noted that:
“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.”
In addition to this, PayString from Ripple will also offer financial transaction verification services, as well as the financial management and administration services for the transmission of digital currency via electronic communication networks.
The patent has the colors orange, green, blue, purple, and black are laid claim to as the trademark’s colors and the trademark application has been accepted by the USPTO and is currently awaiting an official examination.
Ripple Debut of PayString amid Threats to Relocate Its Headquarters
The move by Ripple to file the trademark for PayString with the USPTO comes amid the firm’s plans to relocate its corporate headquarters from the United States amid stiffening regulations. The company continues to face backlash as regulators have refused to acknowledge the position of the XRP coin as a security, a clamor that has recently been solicited by Peter Brandt.
Ripple noted that while other nations might still be tough on cryptocurrencies, that they have at least given defining tags to digital currencies.
“The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies,” Ripple CEO Brad Garlinghouse said tagging Switzerland, the United Arab Emirates, and the United Kingdom in which Ripple is considering as its potential new home.
One would expect that the clamor to relocate would have stopped Ripple from filing such patents as that of PayString and should the trademark filing be approved, Ripple’s ties with the United States will further be bolstered, even if the relocation eventually take place in the near future.
Ripple has made a number of filings this year with the last two coming in August and bearing a description similar to that given to both PayString and Ripplenet according to Cointelegraph. With a shift from core business offerings, Ripple also filed a patent for Ripple Impact, to serve as the charitable non-governmental arm of the San Francisco blockchain firm.