Silicon Valley’s Ripple, a blockchain payments startup, has filed a trademark with the U.S. Patent and Trademark Office (USPTO) for PayString, which will likely be a new offering, according to a report in CoinDesk on Friday (Nov. 13).
Since its founding in 2012, Ripple has received funding totaling $293.8 million. Its frictionless blockchain payments platform enables users to send money around the world.
“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,” according to the filing.
The new trademark registration has a description that is the same as Ripple’s “Ripplenet” filing in August, according to a Cointelegraph report.
Peter Brandt said on Twitter that the Securities and Exchange Commission would have declared XRP a security if it “understood cryptos,” per Cointelegraph.
Ripple partnered with Currencycloud in July to facilitate global B2B payments and money transfers. Ripple’s global RippleNet network will enable Currencycloud to expand its reach to financial institutions. In turn, Ripple can tap Currencycloud’s B2B cross-border payments expertise.
Earlier last month, Ripple announced plans to introduce a loan product that would enable its users to tap XRP digital currency for cross-border payments. The company said the pilot was successful.
Although it is headquartered in San Francisco, Ripple is considering a move across the pond to London in order to escape what they see as an unfavorable regulatory climate in the United States. Other locations under consideration include Singapore, Switzerland, the United Arab Emirates and Japan.