- XRPL Labs new mobile banking App, Xign, gets new name
- XRP now grows independently and steadily in the market
XRPL Labs has recently taken a vital and important step to avoid unnecessary legal tussle with JPMorgan Chase, over the name collision of the proposed mobile banking App, Xign, with one of the assets acquired and registered by JPMorgan Chase. Ripple decided to change the name.
Ripple XRP is accustomed with inventions to gird itself with necessary tools meant to race with big guns in the global payment industry. This has ever been working out perfectly, as it continues to gain prominence and needed recognition before the biggest financial institutions in the world.
Xign Was Initially Proposed By XRPL Labs before the Discovery of the Name Collision
Few days ago, XRP community was notified about a proposal to release Xign, a mobile banking App, which promised to come with a host of utilities.
The XRP TipBot creator, Weitse Wind, passed the notification about the mobile App across during a meet up organised by Bitrue Exchange in Amsterdam, Netherlands. Few members of XRP community reportedly attended the gathering.
The formal notification was already out, inscribed with a perfect name “Xign”. XRP holders that will be opened to the mobile banking App, have been in anticipation to see it launched.
Xign’s Collision with JPMorgan’s Asset Was Discovered
Recently, a reliable report reached Ripple XRP community that a leading global financial services firm situated in the United States, JPMorgan Chase & Co., had registered the name, Xign, as far back as 2007. This acquisition has given it legal right over the name.
XRPL Labs was actually expected to opt for name change, since it isn’t ready to head into legal battle with JPMorgan. The two companies operate in payment industry. This gives Ripple no other option.
Wietse Wind Suggested Name Change to Avoid Legal Tussle
Wietse Wind who has been behind the progress of the invention, hinted about possible name change after the investigation he said was ongoing.
He added that the JPMorgan Xign that was registered back then has long been out of service, but promised that the needful will be properly done.
He said “Yeah, they acquired a company “Xign” and killed it. They still have the name “JPMorgan Xign” registered. A company is now investigating if us using ‘xign’ would become a problem. If so, we’ll have to think of another name”
XRPL Labs Bows, Changes Xign’s Name to Avoid Copyright Infringement
Ripple XRP finally took best decision by changing the name of the forthcoming mobile banking App, Xign to “xumm”.
Wietse Wind made this known in a series of tweets on 3rd June, 2019. He noted that the XRPL Labs signing App and platform has been rebranded to xumm, which has no related trademarks.
Read his Post Below:
“We rebranded our XRPL Labs signing app & platform to 𝘅𝘂𝗺𝗺. We went from the Latin word 𝗌𝗎𝗆𝗆𝖺 to 𝗌𝗎𝗆𝗆 to 𝘅𝘂𝗺𝗺. No relevant trademarks (so we started that process)…”
Ripple XRP in the Market
Ripple XRP is already hinting the cryptocurrency sphere about its garnered strength to stand and grow independently. It has started getting itself out of the shadow and dominance of the largest digital currency by market cap, Bitcoin (BTC).
While other cryptocurrencies are rising and falling in the market, Ripple XRP has remained resolute and determined to keep its price growth steadily. At press time, XRP is trading at $0.40, with about 8% price decrease in the last 24 hours.