California-based Coinbase no longer claims a patent for the BUIDL trademark, it follows from the updated application status on the website of the United States Patent and Trademark Office.
As stated in the accompanying comment, the application was withdrawn at the request of the applicant.
The most obvious reason for the withdrawal of the application was the criticism that Coinbase underwent on social networks after it became aware of the company's plans to patent this term earlier this month.
The term “buidl”, popular in the cryptocurrency community, is derived from the word “build”. This word is formed by analogy with the term “hodl”, meaning long-term investment in digital assets. BUIDL implies the creation and development of new blockchain products, and not just storage of cryptoactive assets.
The application clarified that the term "BUIDL" refers to software using the SaaS model (software as a service), which provides the tools "to carry out transactions using virtual currency".