Veritaseum Coinbase lawsuit

Veritaseum Capital Sues Coinbase for $350 Million

26.09.2022 09:07 (Updated 26.09.2022 09:09)
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by Irene Pinchuk
1 min read

Blockchain software firm Veritaseum Capital has filed a lawsuit against one of the leading crypto exchanges, Coinbase.

According to the lawsuit, the crypto exchange has illegally been using Veritaseum’s patented technology for secure crypto payment transfers. Some of Coinbase’s services relying on this tech include Coinbase Pay, Commerce APIs, and iOS and Android wallets.

Due to this matter, Veritaseum had already warned Coinbase in July, with no results. Now, they’re pressing charges for $350 million, claiming that Coinbase had made a substantial profit thanks to the infringement.

The patent was registered in December 2021. However, there’s still no information on when exactly did Coinbase allegedly began to use it.

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