Nanobase has filed a lawsuit against Coinbase, the crypto exchange saying that their Nano BTC contract and the same for Ether.
Bitcoin exchange In a lawsuit over alleged trademark infringement, NanoLabs, the business that created the virtual currency Nano (NANO), has identified Coinbase as a defendant.
In the Feb. 24 filing with the California Northern District Court, NanoLabs alleged Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products infringe on trademark rights owned by them.
Moreover, it is claimed that NanoLabs has suffered “real loss and irreparable injury” as a result of the infringement, which has hurt its finances and diminished its brand reputation.
In 2014, Colin LeMahieu established the Nano virtual currency. On January 31, 2018, it underwent a rebranding from RaiBlocks to Nano.
Years later, they introduced the Nano Bitcoin futures contract and the Nano Ether futures contract, along with other Nano-branded products.
In this complaint, they said that these offerings that the business launched are just derivatives of BTC and ether the existing products. They said that these are very similar to the original digital currencies.
Nanobase Filed Lawsuit Against Coinbase:
The company said that the crypto exchange firm always try to find customers like nanobase for their products and most of the products they sale are almost identical or incredibly similar.
Moreover, it claims that communication between the two businesses beginning in 2018 shows that Coinbase was fully aware of the Nano digital currency before releasing its goods. As a result, Coinbase is said to have rejected NanoLab’s application to list Nano on Coinbase.
Also, NanoLabs is requesting at least $5 mn in damages from the company, as well as remedial advertising, the deletion of all materials that violate the Nano trademark, and the loss of any profits the company may have generated by exploiting the Nano trademarks. It has asked to be tried by a jury.
