By Curtis Dye
The firm that is responsible for the creation of the virtual currency known as Nano has filed a legal action against the cryptocurrency exchange known as Coinbase for allegedly infringing upon the company’s trademark.
The formal lawsuit was filed with the Northern District Court of California on February 24. NanoLabs has filed a trademark infringement lawsuit against Coinbase, claiming that the latter’s Nano Bitcoin futures and Nano Ether futures contract infringe on NanoLabs’ trademark rights.
“NANO” Trademark Lawsuit: irrevocable damage
The lawsuit states that NanoLabs has owned the “NANO” trademark since 2015 and has been using it to sell goods and services related to digital currency since then. The firm claims that Coinbase’s use of the Nano moniker in its futures contract products causes customers to need clarifications and will likely cause irreparable damage to NanoLabs’ reputation and goodwill. The company made these claims in a legal complaint.
The lawsuit seeks monetary damages for trademark infringement, unfair competition, and false advertising, as well as a permanent injunction to prevent Coinbase from using the Nano name in connection with its products. In addition, it asks for an injunction to prevent Coinbase from using the name in connection with its products. Unfortunately, there is still no response from Coinbase on the issue.
Conversely, NanoLabs claims that Coinbase’s usage of the Nano moniker in its futures contract products has caused economic injury and harmed its brand identification, resulting in “real damage and irreparable harm.”
Coinbase sued for Nano trademark
The legal complaint seeks damages for trademark infringement, unfair competition, and false advertising, as well as a permanent injunction to prevent Coinbase from using the Nano name in connection with its products. In addition, it seeks to prevent Coinbase from using the name in connection with its products.
Nano was created in 2014 by Colin LeMahieu; its precursor, RaiBlocks, existed from 2010 to 2014. A rebranded version, dubbed “Nano,” was released on January 31, 2018, after some delay. On June 27th, 2022, Coinbase launched its Nano Bitcoin futures contract, and on August 29th, 2022, it launched its Nano Ether futures contract.
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