NanoLabs, the company behind the digital currency Nano, has filed a legal claim against Coinbase, a major cryptocurrency exchange, for alleged trademark infringement. According to the lawsuit filed on February 24, 2023, in the Northern District Court of California, NanoLabs accused Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products of infringing its trademark rights.

NanoLabs claims that Coinbase’s offerings are “derivative products” based on Bitcoin (BTC) and Ether (ETH), which are “identical or very similar” to Nano. He also alleges that Coinbase targets the same type of consumers as NanoLabs, and that Coinbase’s product trademarks are “identical and confusingly similar” to NanoLabs. Furthermore, NanoLabs claims that Coinbase was fully aware of the Nano digital currency prior to launching its products, as evidenced by correspondence between the two companies in 2018.

NanoLabs argues that Coinbase should have known that offering Nano Bitcoin on the Coinbase Derivatives Exchange would add to consumer confusion, especially since Nano Digital Currency is not listed on the Coinbase Exchange, and Coinbase does not provide any disclaimers, distinctions, or consumer education to this day. spot. .

The complaint states that Coinbase’s infringement has caused financial harm to NanoLabs and weakened its brand identity, resulting in “actual and irreparable harm.” NanoLabs is seeking at least $5 million in damages, corrective publicity from Coinbase, destruction of all materials infringing the Nano trademark, and forfeiture of all profits Coinbase made from the Nano trademarks. NanoLabs has requested a jury trial.

Colin LeMahieu founded the Nano digital currency in 2014 under the name RaiBlocks, later changing its name to Nano on January 31, 2018. Coinbase launched its Nano-branded offerings years later, introducing the Nano Bitcoin futures contract in June and the Nano Ether futures contract in August.

This lawsuit could have significant implications for Coinbase and the broader cryptocurrency industry, as it raises questions about the use of similar or identical trademarks for different digital currencies. It also highlights the importance of intellectual property rights in the highly competitive and rapidly evolving crypto industry.