Cryptocurrency exchange Coinbase has been named as a defendant in a legal complaint brought by NanoLabs, the company behind the digital currency Nano (NANO). The complaint alleges that Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products infringe on trademark rights owned by NanoLabs.
NanoLabs claims that the infringement has caused them economic detriment and weakened their brand identity, resulting in “actual damage and irreparable harm.” The company also alleges that Coinbase had full knowledge of the Nano digital currency before launching its products due to correspondence between the two companies starting in 2018.
NanoLabs is asking the Court for an injunction against Coinbase to stop them from using the word “Nano” and all associated trademarks and domain names of a similar nature. They are also seeking at least $5 million in damages, corrective advertising from Coinbase, destruction of all materials infringing on the Nano trademark, and forfeiture of all profits Coinbase made using Nano trademarks.
Coinbase has yet to comment on the complaint, but NanoLabs is confident that the court will rule in their favor. The case is ongoing and a jury trial has been requested. It remains to be seen how the court will rule, but it is clear that NanoLabs is taking a strong stance against what they see as trademark infringement.