'Coinbase' Sued Over Nano Derivative Products
There has been huge hustle around the cryptocurrency world where it is heard that Nano Labs have done a whole lawsuit against their partner company Coin Base of Cryptocurrency regarding Nano Derivative Products. They have filed this lawsuit to prevent and secure the Nano Bitcoin futures contract as well as the Nano Ether futures contract.
The Crypto exchange Coinbase has come to an edge where the lawsuit is brought as a defendant all because of trademark infringement.
The whole scenario took place at California Northern District Court, on the 24th of Feb where Nano Labs filed the case, and they stated that the rights of infringe on trademark on Nano Bitcoin futures as well as Nano Ether futures contracts products.
The major issue that the Nano Labs got into was that the whole situation affected the Nano Labs’ economic development. Other than that, the infringement causes the brand to lose its identity. Nano Labs now consider this an “actual damage and an irresistible harm”
Both companies got attached and started to work together years after the establishment of Nano Labs.
It was founded in 2014 by Colin LeMahieu and it was named Rai Blocks after many years it was named Nano Digital Currency in 2018 on 31st Jan.
Nano Lab and Coinbase started to work together when Coin base launched all the offerings last year which included the Nano Bitcoin futures contract and Nano Ether futures contract both were introduced last July and August respectively.
When the details of the lawsuit came out in public it said that the complaint was filed because Nano Lab figured out that the Bitcoin and Ether products are highly similar copies of their products. They used the word “derivative products”
Coinbase also invaded their consumers by targeting the same as Nano Lab. It was stated “those seeking to invest in, and utilize, a digital currency,” and that the trademarks for coin base’s products “are identical, and […] confusingly similar,”
Similarly, they also filed a complaint by claiming that Coinbase already had the idea about Nano’s digital currency. This was because the correspondence between both companies was started in 2018 hence, they knew the type of products as well as consumers.
The main conflict occurred when Coin Base didn’t add Nano Lab to their application list where they should’ve added it.
Not even the Nano currency itself but various departments around were aware of the Nano’s Digital Currency.
Coinbase should “have known that offering Nano Bitcoin on the Coinbase Derivates Exchange would only further consumer confusion.
The court document includes:
“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,”
Now the main aim of Nano Lab is to remove and to injunct the company to remove its name and its related domains so that its trademark remains safe in the future.
They also want the court to give at least $5 million because of the damages including the correction of the advertisement of their brand, destruction of the trademark, and forfeiture of each profit.