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CZ fires at Coinbase for BUIDL filing, ends up offering to pay them drinks

07 Dec, 2018
by Alberto Arnaldo
Exchange
CZ fires at Coinbase for BUIDL filing, ends up offering to pay them drinks

The patent filing of the crypto neologism BUIDL by Coinbase attracted many negative commentaries, including those of their competitor and sector colleague, Binance CEO Changpeng Zhao. On the first hours after the news broke out, CZ was very critical of the intellectual property takeover.

CZ added a second message detailing what would happen if someone was to mess with SAFU, an acronym which stands for Secure Asset Funds for Users. Binance´s CEO uses it commonly when FUD and other turbulences concern his exchange.

It refers to a cold wallet designed for user compensation in extreme cases, operating in a sort of emergency fund that collects 10% of all trading fees. CZ seemed ready to call upon legal services for ensuring the defense of the term.

However, as Chepicap reported earlier Balaji S. Srinivasan, Coinbase CTO, tried to explain later on Twitter that the filing was “defensive” and even said that after speaking with Brian Armstrong, CEO, they would be “giving back the term to the community”.

Unlike others, who welcomed with more irony than anything else the shift in what some consider intellectual property spoliation policies, CZ was satisfied enough with the explanations given by Srinivasan as to offering to take the bill of their next meeting.

He also acknowledged the version of Coinbase CTO, who assured that he was already using the BUIDL term back in 2015.

Read more: In an unexpected move, Coinbase looks to trademark the non-word "BUIDL"

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