Bitcoin coin on black crystals

Coinbase in legal hot water proposed trademark lawsuit threatens use of Nano

By James Wan

What you need to know (in a nutshell)

  1. Coinbase has been named in a legal complaint by NanoLabs for alleged trademark infringement over its Nano Bitcoin futures contract and Nano Ether futures contract products, which NanoLabs claims infringe on their trademark rights.
  2. NanoLabs argues that Coinbase’s products are “derivative products” based on Bitcoin and Ether, which are “identical or highly similar” to its digital currency Nano, and that the trademarks for Coinbase’s products “are identical, and […] confusingly similar,” to NanoLabs.
  3. NanoLabs is seeking at least $5 million in damages, an injunction against Coinbase to stop them from using the word “Nano” and all associated trademarks and domain names of a similar nature, corrective advertising from Coinbase, destruction of all materials infringing on the Nano trademark, and forfeiture of all profits Coinbase made using Nano trademarks

Full Article

In a recent legal skirmish, NanoLabs, the firm responsible for the digital currency Nano (NANO), has accused Coinbase of trademark infringement. According to documents filed in California’s Northern District Court on February 24th, Coinbase’s offerings of ‘Nano Bitcoin Futures Contract’ and ‘Nano Ether Futures Contract’ products allegedly impinge on trademarks held by NanoLabs. The cryptocurrency, founded in 2014 by Colin LeMahieu as RaiBlocks, was rebranded as NANO on January 31st, 2018. Despite correspondence between the two parties dating back to October 17th, 2018, when Coinbase denied NanoLabs’ application for listing on its exchange, the derivatives in question were launched in June and August of last year without any disclaimers or clarifications to prevent consumer confusion and the resultant dilution of the Nano brand.

NanoLabs has demanded a jury trial, seeking an injunction against the use of the term ‘nano’ and related trademarks and domain names, as well as $5m in damages, the cost of corrective advertising, and the destruction of all infringing materials. Additionally, NanoLabs seeks the forfeiture of any profits made using the nano product brands. The court will now determine the outcome of the conflict between these two companies.