Ripple Labs recently filed a new trademark application under the name PayString, causing a question mark. People are starting to wonder if Ripple will bring a new product to the market.
Ripple announced many partnerships around the world after launching the XRP Ledger in 2012. Some of these partnerships have been with names such as Santander Bank, MoneyGram and SBI Group. After the introduction of Line of Credit in recent months, a new patent application has led to the curiosity of the new product Ripple is working on.
Is Ripple’s new bomb PayString?
Ripple Labs Inc filed a new trademark application with the US Patent and Trademark Office on November 6. His trademark application, PayString, caught a careful Ripple follower. He drew attention to this application of Ripple with the post he shared the “Janna One Trick” account on Twitter. The post also emphasized the similarity of PayString to the PayID brand registered in June.
Since the application is classified under the general categories of “Advertising and Trade” and “Insurance and Finance”, a definite estimate cannot be made about the content of the product expected to be released. The statement in the application includes expressions such as “the use of monetary services to buy and sell electronic financial services via fiat or digital currencies over a computer network, and to buy and sell fiat and digital currencies.”
This information strengthens the possibility of a blockchain-based technology business model that regulates payments between banks and institutions using XRP. However, no official statement has been made to the public by Ripple yet.