Ripple is planning to launch an electronic payment solution dubbed Ripplex and a charitable foundation dubbed Ripple Impact in the nearest future, patent filings by the blockchain firm on August 19, 2020 has shown.
Ripple, a San Francisco-based enterprise blockchain firm, filed three patent applications recently. Ripple seeks to patent Ripplex. The trademark, according to the U.S. Patent and Trademark Office (USPTO), is to be used for electronic financial services, including monetary services for distributing and receiving remittances, monetary gifts in fiat currencies and virtual currencies using a computer network.
Ripplex, according to the patent filing, is designed to offer financial management and administrative services. The services to be offered by Ripplex also including electronic transfer and transmission of digital currency.
The firm also seeks to get a trademark for “Ripple Impact,” a section of Ripple, intended for charitable foundation services.
The charitable foundation, according to the trademark files, will be offering financial assistance to services and programs in the financial technology world. Also, the foundation will provide supplemental and capital improvement funding, and scholarship to firms in the fintech world.
Nothing much is known about the two ideas that are presently being nursed by Ripple. There is hope, however, that the remittance-oriented firm will reveal more about Ripplex and Ripple Impact soon.
The San Francisco-based firm also sought to patent PayID in the U.S. The firm had filed the patent since June, however, an Australian firm, NPP Australia, has now dragged Ripple to the court of law for using its trademark name.
June 2020, Ripple launched PayID, and the idea was proudly supported by over 40 companies across the world.
In Australia, there is an innovation named PayID, offering a similitude of what Ripple’s PayID does. Banks in the country are already making use of the innovative technology to give customers unique IDs that will link users’ bank accounts.
Meanwhile, NPP Australia is alleging Ripple of intellectual property theft and has dragged the enterprise blockchain firm spearheading PayID to the Federal Court of Australia.
Although not much is known about what the Australian firm offering payments infrastructure to financial institutions is charging Ripple for, it appears the charges are centered on “PayID.”
Ripple, the company behind PayID, knows fate on August 26th, being the hearing date.