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Home General News

NanoLabs Takes Coinbase to Court over Trademark Violation

James by James
February 27, 2023
in General News
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Coinbase is being accused of infringing NanoLabs’ trademark in a legal action brought forth by the latter. NanoLabs asserts that as a consequence of these events, it has sustained financial losses and experienced damage to the reputation of its brand. In a lawsuit that was submitted to the Northern District Court of California on February 24th, NanoLabs claimed that Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products violated the company’s trademarks.

NanoLabs’ primary area of interest is the legal system.

As a direct result of NanoLabs’ lawsuit, it would appear that Coinbase’s products and services are either direct copies of NanoLabs’ virtual currency or very similar to Nano. In addition, Coinbase’s trademarks are exactly the same as NanoLabs’ trademarks. The offerings are “confusingly similar,” according to the argument that was presented. Both of these companies view the buying and selling of digital currencies as a potential source of revenue.

As RaiBlocks, it was initially developed by Colin LeMahieu in 2014. It was formerly known as Nano until the 31st of January, 2018, when it was rebranded. Coinbase subsequently introduced its Nano Bitcoin and Nano Ether futures contracts on June 27, 2022, and August 29, 2022, respectively.

Coinbase Derivatives Exchange has launched Nano #Bitcoin Futures.

Here are the brokers we’ve partnered with for you to trade it: @Tradovate@NinjaTrader@IronbeamFutures@RealEdgeClear@S5Trading@optimusfutures pic.twitter.com/jDD23hC1iv

— Coinbase (@coinbase) June 29, 2022

Another piece of evidence suggesting that Coinbase was fully aware of the Nano digital currency prior to the release of its offerings is a conversation that took place in 2018 between the two companies. As a direct consequence of this correspondence, it is believed that NanoLab’s request to Coinbase to list Nano as a trading option was denied.

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Nano is #DigitalMoney that can be spent, sent and accepted anywhere in the world.

An easy to use, sustainable currency that is open to all 🌱

Visit https://t.co/XGTa4OlvAr to learn more. pic.twitter.com/ZWvfSFLLtO

— Nano (@nano) August 30, 2022

To be more specific, NanoLabs wants an injunction that will prevent Coinbase from using the word “Nano” in any of its trademarks or domain names related to the cryptocurrency.

nanolabs court order
NanoLabs Takes Coinbase to Court over Trademark Violation 7

In addition, NanoLabs is requesting damages of at least $5 million, as well as the removal of all advertisements placed by Coinbase that infringe on the Nano trademark and the forfeiture of any revenues generated by Coinbase’s use of the Nano brand. Lastly, NanoLabs is demanding that any revenues generated by Coinbase’s use of the Nano brand be returned to it.

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James

James

James is a 33-year-old cryptocurrency enthusiast who has been involved in the industry since 2017. He has always been a keen follower of the crypto space and has experience in trading and mining cryptocurrencies. Since then, James has also written numerous articles on the subject and is passionate about sharing his knowledge and insights with others.

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