In the past few weeks, the US Patent and Trademark Offices (USPTO) has garnered a lot of attention for approving blockchain or cryptocurrency related patents. The latest in the line, is Coinbase, the cryptocurrency exchange that has applied to trademark the word ‘BUIDL’ in October this year.
Interestingly, so far, Coinbase has not clarified why it opted to trademark ‘BUIDL’ instead of ‘HODL.’ One probable reason could be this- HODL only refers to only holding cryptocurrencies, whereas BUIDL allows for broader aspects, encompassing the blockchain technology. According to news portal, CoinSpeaker, “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.”
The patent application further says that Coinbase identifies the trademark as, “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.”
The application, if approved, would give several rights to Coinbase namely: The signatory believes that the applicant is the owner of the trademark/service mark sought to be registered, The mark is in use in commerce on or in connection with the goods/services in the application; The specimen(s) shows the mark as used on or in connection with the goods/services in the application; and To the best of the signatory’s knowledge and belief, the facts recited in the application are accurate.
The news portal further noted that given the ongoing bear market, at this point, ‘BUIDL’ appears to make more sense than ‘HODL’ as the latter would be a ‘failing strategy’ at this point of time.
Recently, Coinbase quietly integrated payment service, PayPal to enable customers to carry out withdrawals into their own respective PayPal accounts.
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