Cryptocurrency platforms seek out patents frequently, as do traditional financial institutions. While trademarks are often reserved for certain products and exchange-specific phrases, Coinbase wants to takeover a more common phrase – “BUIDL.” Public records indicate that this phrase is frequently use, but that could change if the patent request is approved.
The filing is dated October 2nd, as the United States Patent and Trademark Office (USPTO) reports. The phrase comes from a word used by the community in 2015, which means that the building of real-world use cases for blockchain technology is equivalent in value to the hoarding of crypto assets. The document, which was reported on by The Block, included identification of the phrase, stating that it includes
“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.”
If the patent is approved, the trademark will be used with
“temporary use of non-downloadable computer software for use in accessing, reading, tracking, trading and using tokens via blockchain technology.”
Based on the details available on the USPTO website, an attorney is supposed to be assigned to this case about three months after the patent was filed, which would be by January 2nd.
“HODL” is one of the other most common phrases used, and it’s already had an application for trademarking set on it by another company. The former application from Flashratings, Inc. was suspended in November. As The Block humorously noted,
“It seems Coinbase has a sense of humor at least, there is an undeniable symmetry between the word “buidl” and “hodl.” Maybe it’s easier to get a trademark approval for a word that’s not actually spelled correctly.”