Ripple Sued by 13 Australian Banks for Trademark Infringement

[Lenipiw]

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.
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