The term “BUIDL”, has been withstanding as a trademark for the application that is withdrawn from major United States-based cryptocurrency exchange and wallet service Coinbase. According to the U.S. Patent and Trademark Office’s (USPTO) website, it is noticed that the official status of the application has been changed to “abandoned”.
As Coinbase filing an express abandonment, the trademark was not active again says the record of USPTO. The term “BUIDL” remarked as a trademark, when Coinbase first filed as an application. Cryptocurrency community concept denotes the building products as a way to support the industry, which is opposed to just hold cryptocurrencies as an investor, refers the intentionally misspelled word “BUIDL”. Likewise, the term “hodl,” is well-known in crypto community which refers, instead of selling it, can hold cryptocurrency, regardless of price movements.
In early December, Balaji S. Srinivasan, the company’s Chief Technical Officer has mentioned it as a “100 percent defensive filing,” on focusing the reports of Coinbase’s bid to trademark “BUIDL,” particularising
“…the team had no intention to prevent the community from using it. There had been thought of a feature named Coinbase BUIDL and they didn’t want to attract patent trolls for a common term.”
Some in the crypto community claims that the term “BUIDL” was already widely used before Coinbase’s filing which resulted to have negative views on Twitter. Since Decemeber 10, as a part of its “12 Days of Coinbase” promotional campaign named in reference to a traditional Christmas song, it has been rolling out new offerings and initiatives. PayPal payment service was introduced with fiat withdrawals by the exchange on December 14, where they also launched its new “Convert” service on December 17. The customers can convert using new features between Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX) and Bitcoin Cash (BCH).