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.
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.
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.
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.