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.