NanoLabs Files Lawsuit Against Coinbase for Trademark Infringement
The firm for digital currency NanoLabs, 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 contended that it has faced substantial loss as a consequence of the infringement and that its brand's reputation has been harmed, leading it to cause "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 31st January, 2018.
Coinbase introduced Nano Bitcoin futures in June 2022 and Nano Ether futures in August of the same year. According to NanoLabs lawsuit Coinbase's new products are "derivative products" that are "identical or highly similar" to Nano, the digital currency it created.
Communication between the two firms beginning in 2018 was 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.
Along with a monetary settlement of at least $5 million, NanoLabs has demanded that Coinbase to opt for genuine advertising, remove any infringing content, and pay back any and all revenues gained by utilizing the Nano brand. It has requested for a Trial by Jury.