Nano Labs Slams Coinbase’s Futures Contract with Explosive Copyright Lawsuit

Key Points:

• Cryptocurrency exchange Coinbase is accused of copyright infringement in a legal complaint filed by NanoLabs, the company behind the digital currency Nano (NANO).
• NanoLabs targets Coinbase’s Nano Bitcoin futures and Nano Ether futures products.
• It also alleges that US exchange had sufficient information about the Nano digital currency before launching its product because, since 2028, the two companies have had correspondence.

In documents filed with the United States District Court for the Northern District of California on February 24, Nano Labs, the company behind digital currency Nano (NANO), accused Coinbase of futures contracts. Nano Bitcoin contracts and Nano Ethereum, according to Cointelegraph.

Futures products violated their trademark rights. NanoLabs is asking the court to issue an injunction banning Coinbase from using the word “Nano” and all related trademarks and domain names of a similar nature.

According to the complaint, Nano Labs also alleges that these violations caused financial loss to the company and damaged its brand image, resulting in real and irreparable harm.

NanoLabs is also asking for damages of at least $5 million, correction of Coinbase ads, destruction of all Nano trademark infringing material, and forfeiture of all profits from this exchange’s use of Nano’s trademark. It called for a jury trial.

The plaintiffs allege that Coinbase’s target consumers are the same type of consumers as Nano Labs and the products of the largest U.S. cryptocurrency exchange with identical trademarks.

Nano Labs also previously alleged that, since communication between the two companies began in 2018, this exchange fully understood the Nano digital currency before launching its product. This subsequently led to this exchange’s alleged rejection of Nano Lab’s application to list Nano on Coinbase.

It is reported that Colin LeMahieu founded the digital currency Nano in 2014. It was initially named RaiBlocks and renamed Nano on January 31, 2018. Years later, Coinbase launched a futures contract, Nano Bitcoin futures, on June 27, 2022, and Nano Ethereum futures on August 29, 2022.

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