Coinbase Crypto Exchange has withdrawn its application to trademark the term BUIDL

Major United States-based cryptocurrency exchange and notecase service Coinbase has withdrawn its application to trademark the term “BUIDL.” The official status of the appliance was modified to “abandoned” on Wed, Dec. 19, as per the U.S. Patent and Trademark Office’s (USPTO) web site.

According to the USPTO’s records, the trademark application any|isn't any} longer active because of Coinbase filing a categorical abandonment on Dec. 14.

Coinbase initial filed an application to trademark the term “BUIDL” on Oct. 2. The intentionally misspelled word “Buidl” refers to a cryptocurrency community idea that means building products as the way to support the business, as against simply holding cryptocurrencies as an capitalist.

The term is analogous with the well-established crypto community term “hodl,” which implies holding cryptocurrency rather than selling it, irrespective of price movements.

Following reports concerning Coinbase’s bid to trademark “BUIDL” in early December, the company’s Chief Technical Officer, Balaji S. Srinivasan, has referred to as it a “100 % defensive filing,” specifying:

“...the team had no intention to stop the community from using it. There had been thought of a feature named Coinbase BUIDL and that they didn’t need to draw in patent trolls for a standard term.”

The trademark application has sparked negative reactions on Twitter, with some within the crypto community claiming that the term “BUIDL” was already wide used before Coinbase’s filing.

Since Dec. 10, Coinbase has been rolling out new offerings and initiatives as a part of its “12 Days of Coinbase” promotional campaign named in relation to a conventional Christmas song. On Dec. 14, the exchange introduced edict withdrawals to payment service PayPal, whereas on Dec. seventeen the exchange launched its new “Convert” service. The new feature permits customers to convert between Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX) and Bitcoin money (BCH).

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