TLDR
- The U.S. patent granted to Ripple in 2013 doesn’t give XRP special status.
Ripple filed the XRP trademark in 2013 to protect the name in financial services.
The registration allows Ripple exclusive rights to the XRP name in the financial industry.
Ripple owns 39 U.S. patents, with 62% of them still active, showing its IP efforts.
The U.S. Patent and Trademark Office (USPTO) recently reignited a conversation in the crypto community with its 2013 patent for XRP. While this document has been known for years, its resurfacing has caused some excitement and confusion. The patent, under Registration Number 4,458,993, was granted to Ripple Labs, originally known as OpenCoin, Inc. The filing was for XRP as a financial service, specifically a payment method using both traditional and digital currencies.
Although some community figures have celebrated this patent as proof of XRP’s government backing, the reality is more nuanced. The patent simply protects the XRP name within the financial services industry. It doesn’t indicate any formal government approval or special status for XRP.
Details of XRP’s Trademark Registration
Ripple filed for the XRP trademark on May 17, 2013, under International Class 36, which includes financial services. This registration confirmed the company’s efforts to protect XRP as a service mark for financial transactions.
The filing noted that XRP would provide secure payment options for online communities using both digital and traditional currencies.
The first commercial use of XRP was recorded as March 1, 2013. However, this trademark doesn’t give Ripple exclusive rights to XRP as a payment method; it only protects the name for use in financial services. This distinction is important for understanding the patent’s role in XRP’s development.
Community Misunderstanding of the Patent’s Meaning
The confusion surrounding the patent arose when influencers within the XRP community suggested that the U.S. government had officially recognized XRP as a payment method. This misconception spread quickly, with some believing that XRP had already received regulatory approval from U.S. authorities.
However, the truth is that Ripple filed this trademark application as part of its early efforts to establish XRP in the financial world.
The U.S. government’s role was limited to granting Ripple exclusive rights to the XRP name within the context of financial services. This patent doesn’t provide XRP with any formal government-backed status as a payment method or currency.
Ripple’s Ongoing Efforts in Intellectual Property
Despite the misunderstanding about the patent’s significance, the filing is still an important step in Ripple’s intellectual property (IP) strategy.
The trademark is one of 39 patents filed by Ripple in the U.S., 18 of which have been granted. Ripple has also maintained a high percentage of active patents, with more than 62% still in force.
This filing demonstrates Ripple’s early commitment to securing its technology and brand identity. Additionally, Ripple’s continued IP work, including recent filings related to its stablecoin RLUSD, highlights its ongoing strategy to protect its digital assets and innovations in the financial services space.
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