A well-known crypto exchange, Coinbase, has been accused in a legitimate lawsuit undertaken by NanoLabs—the organisation behind the digital currency Nano—of allegedly violating trademarks.
NanoLabs alleged Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract breached trademark rights owned by them, in a filing with the California Northern District Court on February 24.
It’s also purported that the violation has caused NanoLabs economic detriment and weakened its brand reputation, which results in “actual damage and irreparable harm.”
In 2014, Colin LeMahieu founded the Nano digital currency, which was initially named “RaiBlocks.” However, on January 31, 2018, it was renamed as “Nano.”
A few years later, on June 27, 2022, Coinbase launched its Nano Bitcoin futures contract, and its Nano Ether futures contract on August 29, 2022.
In the complaint, NanoLabs contended that the offerings established by Coinbase are “derivative products” based on Bitcoin (BTC) and Ethereum (ETH), which are “identical or highly similar” to its virtual currency, Nano.
The company also proclaimed that Coinbase targets a similar type of consumer as them, being “those seeking to invest in, and utilise, a digital currency,” and that the hallmarks of Coinbase’s commodities are “identical, and […] confusingly similar,” to those of NanoLabs.
Further, NanoLabs alleges that Coinbase had full knowledge of our digital currency, Nano, before launching its commodity due to a prior connection between the two companies since 2018, which further resulted in Coinbase reportedly contradicting NanoLab’s application to list Nano on Coinbase.
“Thus, since at least October 17, 2018, various department heads and directors, as well as associates, in various departments at Coinbase were familiar with the Nano Digital Currency,” a spokesperson for NanoLabs proclaimed in the lawsuit.
NanoLabs further contended that Coinbase should “have known that offering Nano Bitcoin on the Coinbase Derivatives Exchange would only further consumer confusion.”
“Particularly because the Nano Digital Currency is not listed on the Coinbase Exchange, and Defendants’ provide no disclaimer, distinction, or otherwise to educate consumers to this point,” according to the court documents.
NanoLabs is asking the court for a mandate against Coinbase, from now on, to stop them from using the word “Nano” and all corresponding trademarks and domain names of the same nature.
Also, NanoLabs is seeking a minimum of $5 million in damages, restorative advertising from Coinbase, forfeiture of all the gains Coinbase made using Nano trademarks, and wrecking of all materials that violate the Nano trademark. It has requested a jury trial for the following.
- Published By Team Genuine Reporter