Veritaseum Capital (a software-producing blockchain-based organization) had a contract with Coinbase (a crypto exchange). Veritaseum Capital is accusing Coinbase of violating the patent. It has filed a case against Coinbase and is now claiming almost $350M for the compensation of suffered loss.
Varitasium Capital Files Lawsuit against Coinbase and Demands $350 in Damages for Patent Infringement
Under the case filed by Brundidge & Stanger (a legislative organization of the United States) in Delaware (United States-based district board), Veritaseum is alleging Coinbase for the encroachment of the patent, which was formulated for the exchange of cryptocurrency. This patent is also known as the 566 Patent. The accuser says that the patent was about all the techniques, systems, and exclusive devices which enable the execution of funds exchange contracts at the stake of very less or no trust.
This has been utilized by Coinbase to get facilitated by various blockchain-based technical services. The accused infringing activities are compromised of the services like Coinbase Wallet and Coinbase Operated Public Validators, Coinbase Pay, Delegate and Validator software, Participate, Query and Transact, Coinbase Commerce APIs, Coinbase Cloud, iOS mobile wallet, and Coinbase Android (a mobile wallet).
Also read:It has been elaborated by the law organization that the patent can be applied with both blockchain-based consensus mechanisms (PoW as well as PoS). This mechanism facilitates stacking, trading, as well as the exchange of payments. Reggie Middleton says, regardless of his warnings about the required diligence, his case contains the claim about the breach of NFTs, Bitcoin, PoS, and PoW Ethereum.
Veritaseum rationalized his demand of $350M from Coinbase by saying that the accused has earned the same amount from its encroachment activities. The demand of $350M seems valid if someone considers the loss suffered by the accuser.
Plaintiff Says Coinbase Was Given a Warning Notice but Did Not Act Upon
It has been claimed by Veritaseum that Coinbase received a notice in July, warning him against his violation of the 566 Patent. So, he was aware of this impending case to confront him. On 7th December 2021, the United States Patent and Trademark Office granted Patent 566 as an award to Mathew Bogosian and Reginald ‘Reggie’ Middleton (the founders of Veritaseum). The accuser requested the jurisdiction to conduct a trial in Delaware court for the resolution of the contest.
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