Coinbase, A cryptocurrency exchange, has finally decided to give up on the trademark they filed on the word BUIDL so they could “give it back to the community,” according to information provided by CTO Balaji Srinivasan. The community reaction to this has been one of bemusement by the fact that the company even considered the word to be theirs in the first place.
Quite a while back, Coinbase filed a trademark for the word “BUIDL,” which plays off the world build in a similar fashion to the better known word “HODL”. Srinivasan has stated that he was the first to originally utilize the term “BUIDL” during a speech he gave during April 2015, way before he joined Coinbase.
[Brian Armstrong, CEO of Conbaise] and I don’t believe in trademarks for stuff like this so we’ll be giving this one back to the community,” he wrote on Twitter, adding, “In more detail: 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. Was 100% defensive filing.”
On the trademark application, Coinbase states that it plans to utilize the term in connection with,
“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.”
Those of the crypto community have been mostly mocking and jeering at Coinbase for believe that they could actually get away with filing the word in their boundless arrogance.
While this may not hurt Coinbases image too much, Srinivasan will definitely be having hard time from the crypto community for quite a long while. His reputation has most likely taken a pretty hard hit from this and it’s quite interesting to see reaction from the community at whole.
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