Coinbase Sued for $5 Million over Trademark Infringement by NanoLabs
NanoLabs, the company behind digital currency Nano (NANO), has filed a legal complaint against cryptocurrency exchange Coinbase alleging trademark infringement.
According to court documents filed on Feb. 24 in California’s Northern District Court, NanoLabs claims that Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products violate their trademark rights.
NanoLabs also alleges that this infringement has resulted in economic harm and weakened brand identity, causing “actual damage and irreparable harm.” Nano was founded by Colin LeMahieu in 2014 under the name RaiBlocks, which was later changed to Nano on Jan. 31, 2018.
Coinbase launched its Nano-branded products several years later, with the Nano Bitcoin futures contract introduced in June 2022 and the Nano Ether futures contract in August 2022.
NanoLabs claims that these products are derivatives of Bitcoin and Ether and are “identical or highly similar” to Nano. The complaint argues that Coinbase’s products target the same consumers as NanoLabs, and the trademarks are “identical, and […] confusingly similar” to NanoLabs.
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NanoLabs also alleges that Coinbase was aware of Nano before launching its products and denies NanoLab’s application to list Nano on Coinbase.
The complaint seeks an injunction against Coinbase to prevent them from using the word “Nano” and all associated trademarks and domain names, along with at least $5 million in damages, corrective advertising from Coinbase, destruction of all materials infringing on the Nano trademark, and forfeiture of all profits Coinbase made using Nano trademarks.
NanoLabs has requested a jury trial.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
