Coinbase faces crypto patent infringement case amid declining trading volumes on its platform
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Answer Coinbase faces crypto patent infringement case amid declining trading volumes on its platform
- Coinbase is facing a patent infringement lawsuit, demanding compensation and paying a fine of $350 million.
- Veritaseum drags Coinbase to court and demands financial compensation.
Amid deteriorating trading volumes on cryptocurrency exchange Coinbase, a lawsuit is being filed against Coinbase for infringing patents on cryptocurrency transfer technology.
In a complaint filed last Thursday, Veritaseum accused Coinbase of patent infringement.
Veritaseum is a company that builds blockchain-based capital markets, peer-to-peer as a software.
Veritaseum alleged that Coinbase’s operations infringe Veritaseum’s intellectual property rights.
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What is the problem with Coinbase’s patents?
In the complaint, Veritaseum alleged that the cryptocurrency exchange was in violation of rights by making, using, selling, offering to sell and importing products and services into the United States.
A patent for “Devices, Systems, and Methods to Facilitate Transfers” was granted to Veritaseum in December 2021.
A patent was legally issued and granted to inventors “Middleton” and “Matthew Bogosian”.
Also, the patent was duly and legally assigned to Middleton and then licensed exclusively to Veritaseum.
The lawsuit also states that Middleton also has the right to sue third parties for patent infringement.
Veritaseum, in its complaint, accused Coinbase of potentially knowingly infringing the patent.
The complaint also stated that Coinbase’s Ethereum auditors were in violation of the patent claims.
The cryptocurrency exchange provided products and services including the payment of block rewards to new validators under the Proof of Stake mechanism.
The complaint also added, auditors paid from transactions on the Solana network and end-to-end NFT transfers on the Coinbase platform.
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Veritaseum is claiming at least $350 million in damages.
According to the report ReutersWhen Veritaseum representatives attempted to settle out of court, Coinbase was uncooperative.
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