Ripple Rebrands PayID After 13 Banks Sue for Copyright Infringement

San Francisco-based crypto company Ripple has registered a new trademark for a product called PayString with the U.S. Patent and Trademark Office (USPTO). Based on court documents, however, the rebrand may be nothing more than the resolution of a lawsuit.

The trademark application was accepted on Nov. 13, with more details provided on USPTO’s website. 

The trademark description says, “PAYSTRING™ trademark registration is intended to cover the categories of electronic financial services. Specifically, PayString will offer monetary services for receiving and disbursing remittances and monetary gifts in fiat currencies and virtual currencies over a computer network.

Media publications have speculated that the new trademark suggests that Ripple has a new payment product in the pipeline.

But that may not be the case.

Upon closer inspection, the PayString trademark is identical to the PayID logo. PayID was an open-source payments identification service launched by Ripple in June this year. 

Ripple’s new trademark is nearly identical to its previously launched PayID service. Source: Ripple Labs/USPTO

Ripple community members were quick to point out the trademarks’ similarity and suggested that the new trademark PayString is a replacement for PayID.  

According to one community member, the description of PayString matches the description of PayID’s trademark application, which was filed with USPTO in June.

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It's not new product!#PayID will renamed to #PayString due to trademark infringement#XRPCommunity https://t.co/D1JeHMJGTG

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