Coinbase is hit with a trademark infringement lawsuit filed by NanoLabs concerning the crypto exchange’s Nano Bitcoin and Nano Ether futures contracts.
The company behind cryptocurrency Nano filed a lawsuit on Feb.24, alleging that Coinbase’s Nano Bitcoin and Ether products infringe trademark rights owned by NanoLabs.
According to the filling,
Defendants [Coinbase] launched its Nano Bitcoin digital currency offering on June 27, 2022, years after Plaintiff [NanoLabs] had been in business and had been using its Nano Marks.
Mr. Colin LeMahieu founded Nano Digital Currency in 2014. It was initially named RaiBlocks and was rebranded to Nano on Jan 31, 2018.
In the complaint, NanoLabs said Coinbase’s Nano Bitcoin and Nano Ether are identical or highly similar to their products. Moreover, Coinbase is targeting the same type of customers “that NanoLabs markets its digital currency to in connection with the Nano Marks—those seeking to invest in, and utilize, a digital currency.”
According to the allegations, Coinbase was aware of the Nano digital currency before launching its products due to communication between Coinbase and NanoLabs dating back to 2018. The allegations further claim that because of this correspondence, Coinbase rejected NanoLabs’ application to have Nano listed on Coinbase.
NanoLabs is asking the Court to prohibit Coinbase from using the word “Nano” and all associated trademarks and domain names of a similar nature.
Defendants’ [Coinbase] continued use of the Nano Marks and branding efforts related to Nano Bitcoin and Nano Ether will confuse consumers. Defendants’ continued efforts to trade off Plaintiff’s [NanoLabs’s] goodwill will continue to cause Plaintiff harm.
NanoLabs is requesting at least $5 million in damages from Coinbase and corrective advertising. They are also asking for the forfeiture of all profits Coinbase made using Nano trademarks, as well as for materials infringing on the Nano trademark to be destroyed.
At the time of publication, Cointelegraph had contacted both NanoLabs and Coinbase for comment but had not received a response.
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