Bitcoin Trademark Application Abandoned by Magellan Capital Due to Community Disapproval

In a recent article by Block Crypto, the platform indicated that the “Bitcoin TM application” has been abandoned. Here is a summary of that report.

The summary begins by describing an early attempt to trademark the term “Bitcoin” by Magellan Capital. Magellan Capital filed a new trademark application with the US patent and Trademark Office on June 22, 2011. The purpose of the application was for “Bitcoin” as a class of “[f]inancial services, namely, providing a virtual currency for use by members of an on-line community via global computer network.” Had the platform been successful, it would be significant because Bitcoin would have been trademarked with every use in the financial network and in the global community.

The article continues to explain that Magellan “abandoned their trademark application.” As to the reasoning, it explains that public outcry may have been a cause. Due to the outcry, Magellan filed an expressed abandonment with the USPTO.

Cryptocurrency is attractive because it is leaderless and decentralized, and although this may not be true in all respects, it may apply to most.