Coinbase, a major crypto exchange is ranked among the fastest expanding brands in the new market. It aims at getting the trademark for the crypto-industry term “BUIDL.” In an apparently random move, the company filed an application on October 2 with the U.S. Patent and Trademark Office (USPTO). The ‘BUIDL’ trademark will focus on building products to support the crypto industry.
It is analogous with ‘HODL’ that indicates holding cryptocurrencies. ‘BUIDL’ aims at encouraging crypto investors to build products instead of just holding them. The company seeks to trademark the mark ‘BUIDL’ as highlighted in the application document. They explained that the mark features basic characters without claim to any specific size, font style, or color.
Furthermore, Coinbase identifies the trademark with relation to:
“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.”
The Irony about the BUIDL Trademark
There is a strong irony surrounding this application. Coinbase is a major cooperation operating in a new space whose major fundamental traits include decentralization. Filing to trademark a word that was sporadically invented with meaning by the community is certainly not quite decentralized. However, just like the confusing and slightly nutty word inventions, the state of the crypto world follows suit nowadays.
It does not matter how Coinbase plans to use the new term. The fact remains that the filed application comes at a remarkable moment for the cryptocurrencies. With the prices of almost all cryptos in the lows currently, HODLING is regarded somewhat a failing strategy this year.
Probably, it is time for the whole market to stop worrying about getting rich quickly. Investors should start BUIDLING blockchain-based projects for the general population to actually use.
Furthermore, the application goes on to elaborate that this trademark will operate perfectly together with:
“Temporary use of non-downloadable computer software for use in accessing, reading, tracking, trading and using tokens via blockchain technology”
Although there is not much information to go by currently, it seems like Coinbase is up to something great. Analyses point towards the company engaging in the development of some cloud-based developer tools ideal for buying and selling cryptocurrencies.
There is an undeniable symmetry between the word “buidl” and its predecessor “hodl.” It might be easier to acquire a trademark approval for a misspelled word. As it is evident from the previous reporting on Coinspeaker, Coinbase is expanding and adding new features to its platforms constantly.
The recent ‘BUIDL’ trademark application sums up the exponential growth that the company is enjoying currently. All these additions by the company aim to offer new opportunities for its existing and potential users. Thus, the customer base on the Coinbase platform keeps growing consistently.