Major crypto exchange Coinbase is seeking the trademark for the crypto-industry term “BUIDL,” according to an application filed with the U.S. Patent and Trademark Office (USPTO) on Oct. 2
The word is the intentional misspelling of “build” and is analogous with the word “hodl,” the crypto community’s misspelling-turned-term that indicates holding cryptocurrencies, instead of selling them. In the crypto space, the “BUIDL” moniker refers to focusing on building products as a way to support the industry, as opposed to only holding crypto assets as an investor.
According to the application document, the company seeks to trademark the mark “BUIDL” itself, which it clarifies “consists of standard characters, without claim to any particular font style, size, or color.”
The mark’s identification in the filing states that the term relates to software as a service (SaaS) “featuring software for transactions using virtual currency.” Specifically, “BUIDL” SaaS services would include “software for managing, buying, selling, storing, transacting, exchanging, sending and receiving virtual currency.”
This summer, it was reported that Coinbase had patented a proposed new method for securing Bitcoin (BTC) payments.
In September, crypto industry investors Cameron and Tyler Winklevoss’ firm filed a patent with the USPTO for “securely storing digital assets.”