Bitsquare, a decentralized cryptocurrency exchange, on Thursday revealed its rebranding plans to avoid the lengthy and expensive process involved in registering the ‘Bitsquare’ brand.

In a blog post, Bitsquare said:

“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 try and preserve the name we all came to know and love, the team sought professional legal advice from two independent lawyers. These consultations did not bring much hope though, as we learned that the odds are stacked against us.

“Although the community has grown attached to the name “Bitsquare”, we’d rather focus our limited resources towards building stronger code. To avoid a lengthy and expensive legal process, we will have to find another name.”

Founded in 2014, Bitsquare launched its beta version in April 2016. It said that its distributed governance and funding model are now under full development, trade volume and liquidity have grown significantly and new members have joined the team.

Bitsquare is now seeking a new brand name that will firmly establish its presence in the cryptocurrency space. It is now turning to the community for proposals and offering 0.5 bitcoin bounty for a new brand name.

“Manfred, Bitsquare’s founder and lead dev, is offering a bounty of 0.5 bitcoin for the person whose proposed name ends up being selected by the team”, the announcement reads.