TOR-Based, P2P Digital Currency Exchange Bitsquare Seeks to Rebrand Due to Legal Complications



Bitsquare, a peer-to-peer digital currency exchange that uses the TOR network to anonymize transactions, announced today it will be rebranding due to legal complications related to the name itself. Mihail Mihalov, communications manager at Bitsquare, said the difficulties arose when the Bitsquare development team attempted to legally establish the Bitsquare name, but learned that someone else had already registered a similar brand:
“The team recently initiated brand registration, but as it often happens, the name was opposed. It turns out, though to no one’s surprise, our project is not the first one to come up with the term “square” in its name.”
“To avoid a lengthy and expensive legal process, we will have to find another name,” writes Mihalov.

Lead developer and founder of the Bitsquare project, Manfred Karrer, has turned to the Bitsquare community for help in finding a suitable alternative. Karrer has offered a 0.5 bitcoin ($400 at current exchange rates) reward to the party responsible for composing the best name.

The contest will run through February 20, 2016, and the winner will be selected by the Bitsquare team. So far, more than 30 unique entries have been submitted on the official contest forum thread.

While the Bitsquare platform is one of the few bitcoin trading venues where participants are not required to undergo any KYC/AML checks to freely engage in any type of fiat-to-bitcoin transaction, trading activity on Bitsquare has been subdued for most of 2016.

However, turnover picked up in the first week of 2017 in Europe, Switzerland and the United Kingdom, according to data on Coin.dance.

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2 comments :

  1. Most unfortunate for Bitsquare. However I would have thought that they would have protected the name to ensure that this did not happen. Maybe it's a ploy to relaunch under another name and just an interesting PR stunt.

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  2. Bitcoin already being a major brand name, and many would say that is its major asset value, it is not surprising that many have rushed to establish an association. One key factor here is the fact that a internet address is not protected in any form. It is only when you go through the often expensive process of registering a trade or brand name that you can get any legal protection.

    Amazon.com was one of the first to ensure it had full legal protection for its internet address, by also registering it as a brand name, trade name, and company name. One of the misconceptions of many is that an internet address gives some form of protection to a business name.

    I confess that I find it a little surprising that Bitsquare fell into this all too familiar trap for novice startups.

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