Ripple XRP is quite building the momentum to raise its feet above its contemporaries in the financial industry and among digital assets. However, Xign, XRP’s underway mobile banking App has name collision with a JP-Morgan’s asset registered 12 years ago. There are two possible moves expected.
In the quest to take Ripple’s XRP utilities beyond other digital currencies in terms of payment, there was a proposal to release a mobile banking App named Xign, which is under processing.
Weitse Wind, the XRP TipBot creator, announced the invention during a meetup sponsored by Bitrue Exchange a couple of days ago in Amsterdam, Netherlands, having a host of XRP community members in attendance.
Xign, described as true mobile banking platform is proposed to be an App with multiple functions. According to Wind, Xign will not be limited to just sending cryptocurrencies from one wallet to another.
However, a new development that could cause controversy over the name “Xign” has suddenly emerged.
JPMorgan Chase Had Sometimes Acquired and Registered Xign
JPMorgan Chase & Co., a leading global financial services firm situated in the United States made the announcement of acquiring and registering JPMorgan Xign Corp., sometimes in May 2007.
JPMorgan’s Xign is purposely acquired to render electronic payment services from one business to another. The fact that Ripple XRP’s proposed Xign and that of JP Morgan’s are specifically used in the same industry and has closely related function makes it necessary for Ripple’s Xign to be renamed.
Copyright infringement law is as potent as ever in the United States and every part of the world, and any sane business entity like Ripple XRP would want to avoid legal tussle this could emanate.
Wietse Wind Proffers Possible Solution to the Name Collision
In this kind of name collision, there are two possible moves expected. A Copyright infringer should be ready to simply change the adorable name or ready to face the legal consequences.
However, Wietse Wind, who has been enlightening the XRP community about the forthcoming first of its kind mobile banking App, has recently suggested solution to the looming legal tussle that could arise from the name, Xign.
Wind cleared the air in one of his recent responses to a question from a cryptocurrency enthusiast about the possible Copyright infringement. He said the Xign registered by JPMorgan is as good as dead.
He concluded that investigation is ongoing about the possible problem it could cause, which could eventually result to name change.
Read Wind’s statement below:
“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”
So, Ripple XRP community should get their minds prepared for a new name if the eventual report of the said investigation is not favourable, legal tussle with a business entity like JPMorgan cannot be the best option.
Ripple XRP in the Market
Ripple XRP is garnering momentum for a bulish trend as its price has recently been stable above $0.4. At the time of filing this report, XRP is trading at relatively $0.44, with 2.24% price upsurge in the last 24 hours. If the digital asset keeps the price consistent, there is possibility of seeing a number of analysts’ price predictions coming to fulfilment sooner than later.