Skip to main content

Ripple Sued by 13 Australian Banks for Trademark Infringement

Ripple Sued by 13 Australian Banks for Trademark Infringement

Ripple Labs Inc. is being sued in an Australian court for allegedly infringing a trademark belonging to several local banks. A lawsuit filed by the New Payments Platform Australia (NPPA), a joint venture between the Reserve Bank of Australia and 13 domestic banks, claims that Ripple copied its PayID brand.

NPPA’s service has been in existence for more than two years, helping to facilitate instant payments across 68 million Australian bank accounts.. Ripple, issuers of the XRP cryptocurrency, launched its cross-border payments service, also called PayID, in June, in partnership with 40 businesses.

According to a report by The Age, a local publication, NPPA is seeking both damages and a permanent injunction preventing Ripple from using the PayID brand in Australia. The payments platform alleges that the American crypto firm lifted its registered trademark to offer closely related services.

Ripple has provisionally agreed to geoblock its service from Australia, in an initial hearing at the country’s Federal Court this week, the paper reported.

“Ripple’s service is clearly offered under a mark that is substantially identical with or deceptively similar to the NPPA PayID registered trademark and in relation to the same or similar services,” said NPPA in its lawsuit.

The banks, which include ANZ, Westpac and NAB, claim Ripple’s PayID service infringes the local Trademarks Act. They say it “constitutes misleading and deceptive behaviour” under Australian Consumer Law and the Australian Securities and Investment Commissions Act.

NPPA said the service could “irrevocably damage” its brand. It alleges Ripple’s PayID may also could be used to facilitate illegal activities “such as money laundering, terrorism financing and human rights abuse”.

Ripple’s XRP digital currency is the world’s third largest, with a market capitalization of $12.25 billion. During the April to June 2020 quarter, the San Francisco-based company reported that over-the-counter sales of XRP soared 1,760% to $32.55 million from $1.75 million the previous quarter.

What do you think about Ripple’s alleged trademark infringement? Let us know in the comments section below.

The post Ripple Sued by 13 Australian Banks for Trademark Infringement appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2YJqVW5
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more