Ripple is being sued by New Payments Platform over a trademark issue

According to Rohan Pearce, executive editor of the Great Technology Portal Communications Day, Australia’s new payments platform, New Payments Platform (NPP), sued Ripple. It is known that the cause stems from problems with the brand name recently released by Ripple: PayID.

The New Payments Platform (NPP) sued Ripple over trademark problems

The proponent is a major Australian payments operator, the New Payments Platform (NPP). As of this year, more than sixty Australian banks have used the system. Among NPP’s products is PayID launched in 2018.

Now, according to Pearce, the lawsuit against Ripple could be about trademarks. Since earlier this year, Ripple launched an open payment network, also known as PayID.

The first hearing will take place this weekend, August 26.

The Blockchain giant has been building its new payment network with 40 partners, among which are undoubtedly some of the most impressive names from the blockchain and crypto world: Brave, Blockchain.com, BitGo, Huobi exchange, etc. The goal of this network is to allow ordinary people to send payments as quickly as they send the email.
Ripple has integrated PayID into its RippleNet network.


Source: Twitter

Previously, current Ripple CTO David Schwartz tweeted about the benefits Ripple’s new payment network will bring to its users: “human-readable addresses for cryptocurrency payments”, “a single destination address for multiple cryptocurrencies and fiat payment systems” and meeting regulatory requirements for crypto companies.

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