“There are dozens of instances of shared qtickers or tickers that share letter strings, and we feel confident these uses are distinguishable and coexist without confusion for consumers.” She did not answer a follow-up question about whether Paxos checked if the ticker was already in use before choosing it. “It’s common for projects to share tickers in the cryptocurrency space,” said Paxos spokesperson Becky McClain. Paxos, for its part, seemed unwilling to budge when contacted by CoinDesk. “We’re just going to go along our merry way for the time being,” Meredith said. Still later, he said the call didn’t happen. In a later email, Meredith said the Unit Protocol team decided to first talk to a Paxos executive.
He also shared writeups on the market data sites CoinGecko and CoinMarketCap as further evidence this stablecoin was an established asset – even if the Paxos stablecoin’s market cap was 7.5 times larger.Īs of this writing, however, no formal objection was filed with the U.S. To show that the original USDP was a known quantity in the market, Meredith pointed to blockchain data indicating that 138 million units of the token had been minted, each worth just under $1. “We are currently disputing Paxos’ trademark application for USDP,” Benjamin Meredith, a representative for Unit Protocol, told CoinDesk on Aug.
For a hot minute it seemed the plucky team was not about to let a bigger rival use the four-letter identifier without a fight. Unit Protocol, a decentralized lending platform that went live in February, had been calling its token USDP since at least July of last year, when it published a white paper. Sign up here to get it in your inbox every Sunday.
#Cryptocurrency ticker symbols professional#
You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. There was one hitch: Another stablecoin was already using the ticker. As part of the rebranding, the crypto exchange changed the ticker symbol from PAX to USDP. Last month, Paxos, the issuer of the seventh-largest stablecoin in the $2 trillion global cryptocurrency market, renamed the token, previously called the Paxos standard, to the Paxos dollar.
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