Feb 27, 2023
Coinbase Sued for Alleged Nano Trademark Infringement
Crypto exchange Coinbase has been named in a legal complaint brought by NanoLabs, the company behind the digital currency Nano (NANO). The complaint alleges trademark infringement of Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products.
Founded by Colin LeMahieu in 2014, the digital currency was originally named RaiBlocks and rebranded to Nano in 2018. Coinbase launched its Nano Bitcoin futures contract in 2022, followed by its Nano Ether futures contract in the same year.
The complaint argues that Coinbase’s offerings are derivative products of Bitcoin (BTC) and Ethereum (ETH) and are identical or highly similar to Nano. It further states that Coinbase targets the same type of consumers as NanoLabs, being “those seeking to invest in, and utilize, a digital currency.”
NanoLabs claims that Coinbase had full knowledge of the Nano digital currency before launching its products, citing correspondence between the two companies starting in 2018. The complaint also alleges that Coinbase denied NanoLab’s application to list Nano on Coinbase.
The complaint seeks an injunction against Coinbase to stop them from using the word “Nano” and all associated trademarks and domain names of a similar nature. It also requests 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.
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