Coinbase set to get a new trademark approval for “BUIDL” and has submitted the request to get an approval for the miss-spell word “Build” trademark as ‘BUIDL”. The term is already in wide use in the cryptocurrency community and the community is not very happy about this.
Why trademark “BUIDL”? Crypto community not happy
The request was submitted on October 02, 2018 to the commissioner for trademarks. The Application for trademark “BUIDL” was submitted by the Californian based cryptocurrency exchange, Coinbase, Inc., which was in regards to the ‘Software as a service (SAAS) services. The official announcement claims that the SAAS that using virtual currency and software that are non-downloadable but helps in trading, tracking, reading and using tokens with blockchain technology.
It reads as;
International Class 042: Software as a service (SAAS) services featuring software for transactions using virtual currency, namely, software for managing, buying, selling, storing, transacting, exchanging, sending and receiving virtual currency; Providing temporary use of non-downloadable computer software for use in accessing, reading, tracking, trading and using tokens via blockchain technology
With a new term rolled out in the market, many crypto experts and enthusiasts retorted their opinions. For instance;
Jameson Lopp mocked this term tweeting;
— Jameson Lopp (@lopp) December 6, 2018
Whereas binance CEO, Changpeng Zhao does not agree with the filing. He took twitter stating that the term is already widely used in the community,
recursive tweet again. "pissed" = lawyers ready to go.
— CZ Binance (@cz_binance) December 7, 2018
Mreover the term is not a brand new in any case, it has been already used by many such as on August 16, 2017.
Very important lesson, generally.
Show, don't tell.
Hodl and buidl. https://t.co/DlXtmgxqPr
— Michael Goldstein (@bitstein) August 15, 2017
So what do you think about the application submitted for approval?
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com