Ripple, the San Francisco based Blockchain company has filed two trademark applications with the United States Patent and Trademark Office (USPTO). RIPPLE IMPACT & RIPPLEX are the two new trademarks that have been registered by the Blockchain company. Let’s find out what these two trademarks are about.
Two new trademarks
“RIPPLE IMPACT™,” was filed on August 19th which was later accepted by USPTO. It was further added to the TRAM system containing all federal trademark registrations on 22’nd August. The entire initiative will follow in the footsteps of Xpring which is the investment arm of Ripple. It will provide the necessary funding for various programs that would facilitate financial innovations. RIPPLE IMPACT™ registration is set to encompass different categories of Charitable foundation services such as fundraising activities, capital for improvement funding, additional supplemental funding, scholarships for educational boost, and financial help for other programs and services in the field of fintech.
The other trademark RIPPLEX™ is concerned directly with financial services. Its intention is to take over the different sections of electronic or digital financial services that include monetary services which will also cover services that receive and disburse remittances as well as financial gifts in the form of both fiat currencies and virtual currencies. This will happen over a computer network. It would also incorporate other financial services such as provisioning virtual currency for exchange, financial transaction verification services, and facilitating transfers of digital currency, digital currency transmission through different electronic communication networks.
Mr. Thomas M. Hadid is the attorney who is responsible for registering these novel applications. Before that, he is also credited for registering other Ripple in-house concepts called Block stars, PayId and On-Demand liquidity. He is also the attorney who will be representing Ripple against an Australian payment operator that had filed a trademark infringement suit on August 20th. The company sources claimed that the suit filed against them could be connected to the PayID product which was disclosed by the company back in June.
And if that’s not enough it is still undergoing the proceedings of a 2-year class-action lawsuit against it that accuses the company of violating the laws of US securities by selling its token XRP. The class-action suit could be a major roadblock for Ripple as the charges are grave and the decision has been prolonged.
Ripple was co-founded by Jed McCaleb and Chris Larsen of OpenCoin back in 2012. When it reached 2018, the company had already registered an unbelievable growth of 36,000% with an ever-growing network of global banks and FIs. It comprises two different portions namely XRP and RippleNet. XRP is a cryptocurrency while RippleNet is a payment network that is specifically designed to let banks and other institutions transfer money and assets across global boundaries in the quickest manner with low transaction costs. That makes Ripple a real-time settlement system, a currency exchange, and a remittance network created by Ripple Labs Inc which is a US-based technology organization.