Earlier on in the day, it was reported that the largely influential American cryptocurrency exchange firm, Coinbase had plans to trademark and own the term ‘BUIDL’. Previously, The CEO of Binance, Changpeng Zhao, has used the word to explain that the best thing to do during a bear market, is to keep BUIDLing.
However, now the term is not going to be trademarked as the CTO at Coinbase, Balaji Srinivasan has cleared the air. Srinivasan said that the exchange is not interested in actually using the trademark in a way that prevents others in the community from using it themselves. He adds that the term ‘BUIDL’ will be given back to the crypto community, once it’s approved.
Srinivasan details in a tweet that says that he and Brian Armstrong the Coinbase CEO discussed the matter. They decided that there’s no requirement of the trademark from the company’s point of view, but they intend to protect it from other companies outside of the crypto community who might want to trademark the term.
The procedure by the exchange regarding the term was going on since a couple of months and is not yet official. Those who are not convinced by the idea of “Bitcoin banks” in general, including Coinbase, doesn’t seem to ease their doubts even after the clarification from Coinbase CTO.
On this, Small Business Administration based in the U.S. expressed, “Registering a trademark guarantees exclusive use, establishes legally that your mark is not already being used, and provides government protection from any liability or infringement issues that may arise. Being cautious in the beginning can certainly save you trouble in the long run. You may choose to personally apply for trademark registration or hire an intellectual property lawyer to register for you.”
After the tweet from Srinivasan, it is clear that the entities within the crypto community are free to use the word ‘BUIDL’, a less popular term as compared to the term ‘HODL’.
Notably, Coinbase is a leading crypto exchange platform worldwide, having its headquarter in California. The exchange operates in approximately 190 countries.