Crypto exchange Coinbase has been named as a defendant in a legal complaint filed by NanoLabs, the company behind cryptocurrency Nano (NANO), regarding alleged trademark infringement. Here are the details…
Cryptocurrency company Nano sues Coinbase
Recently, an interesting development has occurred. In a February 24 filing with the Northern District Court of California, NanoLabs claimed that Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products infringed their trademark rights. It is also alleged that the infringement caused Nano Labs economic damage and weakened its brand identity, resulting in “actual damage and irreparable damage.”
cryptocoin.com As we reported, Colin LeMahieu founded the Nano cryptocurrency in 2014. Originally named RaiBlocks, the coin was renamed Nano on January 31, 2018. Coinbase launched its Nano-branded offerings years later, introducing the Nano Bitcoin futures contract last June and the Nano Ether futures contract last August. In the complaint, NanoLabs said the offerings launched by Coinbase are “derivatives” based on Bitcoin and ETH that are “identical or very similar” to the cryptocurrency Nano.
Coinbase was familiar with the developments
He also argued that Coinbase is targeting the same type of consumers as NanoLabs, “those who want to invest in and use cryptocurrency,” and that the trademarks of Coinbase products are “confusingly similar.” Apart from that, he claims that Coinbase had full knowledge of the Nano cryptocurrency before launching its products due to the correspondence between the two companies starting in 2018, and subsequently Coinbase rejected NanoLab’s application to list Nano. The NanoLabs team says the following:
So, since October 17, 2018, partners as well as various department heads and directors in departments at Coinbase have been familiar with the Nano cryptocurrency.
NanoLabs also argued that Coinbase should know that offering its “Nano Bitcoin” service on the Coinbase exchange will only increase consumer confusion.” NanoLabs is asking the court to stop Coinbase from using the word “Nano” and all related trademarks and domains of a similar nature. NanoLabs is also seeking at least $5 million in damages, corrective advertising from Coinbase, destruction of all material infringing the Nano trademark, and confiscation of all Coinbase profits using the Nano trademarks. Apart from that, the project requested a jury trial. As it is known, Coinbase launched its Nano derivative products last year.
