Ripple in Another Legal Dispute, This Time With Social App Over Trademark

Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term is locked in another legal battle, this time with Kefi Labs, the creators of a social photo-sharing app also called 'Ripple'.

According to a court document obtained by CoinDesk, Ripple (the cryptocurrency) has sued the app's makers for trademark infringement, unfair competition and cybersquatting. It is claiming $2 million in damages, and as much as triple this amount or the amount of profits generated by the defendant resulting from its alleged infringement, as per 15 U.S. Code § 1117(a) - Recovery for violation of rights.

In addition, it is seeking $100,000 in statutory damages for each domain name allegedly infringing upon Ripple's rights. These include getripple.io and getrippl.io.

A visitor to the first domain will come across terminology such as "Ripplers", who start posts, or "ripples", of the photos they share. Spreading ripples earns participants points.

In its complaint, Ripple lists multiple U.S. Trademarks for which it is owner of the word 'Ripple'.

The amounts claimed are in addition to Ripple's demand that the defendant abandon its own filing of a trademark for 'Ripple', and destroy all offending products and marketing material.

The complaint was filed in the United States District Court, Northern District of California.

Earlier this year, Ripple took to the courts in an attempt to freeze $1 million worth of Ripple's XRP currency held by Jed McCaleb, the creator of a newer version of the protocol. The company claimed that he was selling "Founder Tokens" in breach of contract agreed upon between the parties.

A year earlier, Ripple threatened Jesse Powell- an early Ripple backer and currently CEO of the Kraken crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term- with legal action. The company accused Powell of wrongly damaging its reputation during a dispute involving the number of XRP held by Chris Larsen.