NanoLabs Files Lawsuit Against Coinbase For Trademark Infringement
- NanoLabs claims that it has lost money as a consequence of the infringement.
- Coinbase introduced Nano Bitcoin futures in June of last year.
NanoLabs, the firm behind the Nano (NANO) digital currency, has filed a lawsuit against Coinbase for trademark infringement. NanoLabs claimed trademark infringement on February 24 in a lawsuit filed in California’s Northern District Court against Coinbase over the latter’s Nano Bitcoin futures contract and Nano Ether futures contract.
NanoLabs claims that it has lost money as a consequence of the infringement and that its brand’s reputation has been harmed. This has caused “actual damage and irreparable harm,” the lawsuit states. In 2014, Colin LeMahieu created the Nano digital currency. Formerly known as RaiBlocks, the name was changed to Nano on January 31, 2018.
Monetary Settlement of $5 Million
Coinbase introduced Nano Bitcoin futures in June of last year and Nano Ether futures in August of the same year. NanoLabs claims in its lawsuit that Coinbase’s new products are “derivative products” that are “identical or highly similar” to Nano, the digital currency it created.
Correspondence between the two firms beginning in 2018 is also cited as evidence that Coinbase was aware of the Nano digital currency prior to the introduction of its products, while purportedly declining NanoLab’s application to list Nano on Coinbase.
NanoLabs has filed suit against Coinbase, seeking an injunction to prevent the latter from using the term “Nano” or other confusingly similar trademarks or domain names.
In addition to a monetary settlement of at least $5 million, NanoLabs is demanding that Coinbase run corrected advertising, remove any infringing content, and pay back any and all revenues gained by utilizing the Nano brand. It has asked for a trial by jury.
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