PayPal Applies to PayString
Ripple applied to its patent office in the US last week and announced its PayString. It is seen that the application is made for the categories of "Advertising and Business" and "Insurance and Finance". There is an explanation about the logo in the continuation of the patent application. Although this seems to be related to direct payments, it is not specified what exactly it will cover or what is intended.
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In the part where the information about the product is given in the patent application, it is emphasized that this is an initiative only for electronic financial services and it is aimed to provide money exchange with additional products such as money transfer transactions and gift cards. The phrase "sending and receiving fiat currency and virtual currency via computer network" attracts particular attention.
Ripple Considers Fiat Money Transfer
Ripple needs to obtain serious permissions from both the USA and the relevant countries to be able to open the transactions of trading or sending these fiat money. Ripple, which establishes a network that can make cross-border transfers with XRP cryptocurrency, can definitely rival companies like PayPal and Venmo if it adds a similar system for fiat money.
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Ripple did not make any statements on the subject. In particular, PayPal officially opened Bitcoin, Litecoin, Ethereum and Bitcoin Cash transactions in the US this week, and it can be said that both Square and blockchain-based companies such as Ripple fell 1-0 behind. The rise of XRP after this PayString development shows that the market has reacted positively to this.
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Criticism Against XRP Increases
XRP was recently faced with tough claims by the famous analyst Peter Brandt, and the emphasis that it should be declared a security drew the reaction of investors. Ripple, on the other hand, proved that it continues to work despite all the criticism by announcing the PayString development without an official response.
