Ripple has registered a trademark for a possible new product called “PayString”

In a press release published by PR Newswire, Ripple’s major partner, MoneyGram, has a profitable growth and a 150% YOY transaction volume on MGO in October. In another way, the San Fransisco-based blockchain payments infrastructure provider, has registered a trademark for a possible new product called “PayString”.

Ripple partner, MoneyGram, spread the word about another major milestone reached this year

According to MoneyGram, in October, the P2P payment platform’s MGO service brought in revenue, and the number of transactions increased 150% year-on-year. This is the 10th consecutive month in 2020, during which MoneyGram has shown three-digit growth.

On Nov. 10, MoneyGram shares were up more than 100 percent within a month, trading at $ 6.35 on the Nasdaq.

MGO includes the company’s mobile application through which users can transfer cash directly to relatives, friends, or anyone else from their smartphones.

CEO and Founder, Alex Holmes, said:

“The digital transactions are more important now than they have ever been before.”

This year, the pandemic hit the world and the global economy, causing many small and medium businesses to file bankruptcy and many job losers pushing digital payments to become one of the most industry popular and most profitable.

Over the past few years, MoneyGram has raised the necessary funds, with the blockchain separating Ripple among investors, which allows the company to reach its current high levels of activity and customer service.

Ripple has trademarked a possible new product called PayString

According to the US Patent and Trademark Office (USPTO) at the end of last week, the application is contained in the U.S. under the general categories “Advertising and Business” and “Insurance and Financial.”

So far, however, it is not known what PayString will be used for, but Ripple has remained silent on this information.

The profile describes the use cases in electronic financial services, namely monetary services to receive and disburse remittances and monetary gifts in fiat currencies and virtual currencies over the network. Calculator and for exchanging fiat and virtual money via the computer network.

It all fits Ripple’s current business model of providing distributed ledger technology for payments between institutions like banks and depositors, some of which use XRP.

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