New Payments Platform Australia (NPPA) is suing Ripple Labs Inc. for alleged trademark infringement. According to news.bitcoin.com, the Australian platform is a result of a joint effort by the Reserve Bank of Australia, along with 13 other banks in the country. The source says that NPPA is accusing Ripple of using the name of its payment service PayID.
News.bitcoin.com says that NPPA’s PayID platform has been functioning for over two years. At the same time, Ripple’s Pay ID was only launched in June this year. Citing the local publication, The Age, the source reports that the company is seeking compensation for the damages for the trademark infringement. However, it also demands a ban on Ripple to use the payment service in Australia.
At the moment of writing, Ripple is the third-largest cryptocurrency by market capitalization on Coin Market Cap, reaching $12,464,227,007. In addition, it is trading at $0.27, with its highest price this month reaching $0.31.
Most recently, Ripple partnered with universities on its University Blockchain Research Initiative (UBRI) to promote research on blockchain and cryptocurrency. Also recently, a cryptocurrency hack on YouTube resulted in streaming videos featuring scams with XRP. The account promoted a Ripple giveaway where participants had to pay to enter. The company allegedly sued YouTube for a lack of security measures in place to prevent such scams.