NanoLabs has launched a trademark infringement complaint against cryptocurrency exchange Coinbase.
Legal action has been taken against Coinbase by NanoLabs, the creators of the Nano (NANO) digital currency, for trademark infringement.
It is further stated that the infringement has resulted in “actual loss and irreparable injury” to NanoLabs’s finances and brand name.
In 2014, Colin LeMahieu invented the digital currency Nano, which was formerly known as RaiBlocks. NanoLabs said in its lawsuit that Coinbase’s offers are “derivative products” based on Bitcoin that are “identical or extremely similar” to its digital currency Nano.
It further argues that Coinbase had full awareness of the Nano digital currency before the introduction of its products, based on communication between the two businesses beginning in 2018.
From at least October 17, 2018, department leaders, directors, and colleagues in several Coinbase divisions have been acquainted with the Nano Digital Currency.
Coinbase should have recognized that providing Nano Bitcoin on the Coinbase Derivates Exchange would increase customer confusion, according to NanoLabs.
The complaint docs state, “Particularly since the Nano Digital Currency is not mentioned on the Coinbase Exchange, and Defendants offer no disclaimer, differentiation, or other means to inform users on this matter.”
NanoLabs has filed suit against Coinbase, seeking an injunction to prevent the latter from using the term “Nano” and any confusingly similar trademarks or domain names.
Also, NanoLabs seeks at least $5 million in damages, appropriate advertising from Coinbase, the deletion of any materials violating the Nano trademark, and the return of all profits Coinbase generated utilizing Nano trademarks. It has demanded a trial by jury.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.