Decentralized exchange Bitsquare has announced this week that it will soon be undergoing a rebrand. With the need to register the Bitsquare brand, its team initiated company name registration but was rejected as the name happened to be taken already they found out during the process.
Bitsquare stated that the team sought professional legal advice from two independent lawyers. However, these consultations did not bear fruit. To avoid a lengthy and expensive legal process, Bitsquare will choose to rename and rebrand.
In the search for a new name, the Bitsquare team brainstormed a number of candidates. In addition, the company is turning to the community for additional proposals. To avoid bias, the list will likely not be shown.
Manfred Karrer, Bitsquare’s founder and lead dev is offering a reward of 0.5 bitcoin for the person whose proposed name ends up being selected by the team.
Mihail Mihaylov, Bitsquare Communications Head stated:
Since it’s conception 3 years ago Bitsquare has undergone a significant transformation. The project has recently entered in a new stage. Bitsquare’s distributed governance and funding model is now under full development. Trade volume and liquidity have grown significantly. New members have joined the team. So although finding a new name is inevitable, rebranding right now might not be a bad idea after all.
Earlier this week, we also saw multi-service digital currency company BitX rebrand, not for legal purposes as is one reason here, but like Bitsquare figures, to reflect the growth of the cryptocurrency space overall and not just be solely bitcoin oriented, as many digital assets have unique traits and purposes.
You can find the details of the bounty in the company forum post.