This week, Ripple faced a lawsuit in Australian federal court over trademark and copyright accusations from an Australian financial firm, now the San Francisco-based exchange is back in claiming rights for their possible new business product.
Cointelegraph reported that the major cryptocurrency firm developing XRP-based products filed four different trademark applications this month. The first set of trademark applications Ripple team filed were ripple net, ripple x, and RIPPLEX on August 11, 2020. These trademarks were created as the company planned to initiate electronic payment services and monetary gifts in fiat currencies. While the recently filed trademark application called “ripple impact” - a charitable foundation services that will include fundraising activities and capital improvement funding for the company – was added to the TRAM system of all active federal trademark registrations by USPTO on August 19.
According to the U.S. Patent and Trademark Office (USPTO), the applications are considered live and are “awaiting examination.” This year alone, Ripple has nine label applications. One of those applications is currently facing a legal battle in the Federal Court of Australia after a company that operates as payment services between banks and other financial establishments filed claims of copyright and trademark infringement against Ripple Labs on the trademark it filed on June known as an addressing service “PayID.” As of press time, there has been a limited source of information released in line with this case.