Digital currency exchange platform Coinbase Global Inc. has been sued by Veritaseum Capital LLC for patent infringement in Delaware Federal Court.

base of coins is a publicly traded company in the United States that supports a variety of crypto tokens on its trading platform.

according to a Press releaseCoinbase has been sued by Veritaseum founder Reggie Middleton over patent rights regarding digital trading technology.

Veritaseum accused Coinbase of using its proprietary rights to invent a novel device that allows input data to be transmitted through a third party without the use of special technology. Mr. Middleton has previously obtained licenses for his invention, including the right to sue for infringements.

According to multiple sources, Veritaseum sent a warning letter to Coinbase in July for infringing its patent rights on its device invention, but received no response from Coinbase.

The Veritaseum device included memory for storage, a network interface to receive transactions, and a memory-linked processor and network interface. Middleton’s invention can be applied to both proof-of-work (poW) and proof-of-stake (poS) blockchain technology. The Veritaseum patent also covers transactions using Bitcoin and Ethereal carried out by users on poW blockchains. According to investigations, Coinbase uses both the poW and poS models covered by the Veritaseum patent.

The Coinbase platform also violates the claim by allowing its users to conduct transactions such as trading, staking, and crypto payment between individuals and corporations using Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Solana.

Verisateum is therefore seeking compensation to receive at least $350 million in damages for the breach by Coinbase and to issue an injunction preventing Coinbase and its subsidiaries from contributing to the breach.

The Coinbase platform had a problem with the US Securities and Exchange Commission (SEC) last year about its loan characteristics. Coinbase CEO Brian Armstrong revealed in a Twitter post that the US SEC has asked the company not to launch its products for no compelling reason.

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