PayString may soon become Ripple’s new payment service considering the newest trademark application filed by the San Francisco-based blockchain firm.
The report revealed that Ripple registered PayString as a trademark at with the U.S. Patent and Trademark Office (USPTO) late last week.
The name is classified in the U.S. under the general categories “Advertising and Business” and “Insurance and Financial,” a document on USPTO revealed.
When will PayString be launched?
There is no official statement from Ripple at the time of this report, however, the logo of the proposed new FinTech company shows that takes the form of “a stylized circle design with four lines radiating from it” in multiple colours.
The report on USPTO describes the application as:
“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.”
It can be speculated that it’s going to be another financial service provider considering Ripple’s existing business model of providing distributed ledger-based technology for payments between institutions such as financial institutions and money senders.
Let’s keep our fingers crossed till an official announcement is made by the firm.