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…