Veritaseum Capital accuses Coinbase of patent infringement

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Veritaseum Capital has accused cryptocurrency exchange Coinbase of infringing patent rights on the use of cryptocurrency payment technology and demanded compensation in the amount of $350 million.

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According to a lawsuit filed by the American law firm Brundidge & Stanger in the US District Court in Delaware on behalf of Veritaseum Capital, it is said that Coinbase has infringed a patent for cryptocurrency payments technology. According to lawyers, Coinbase used Veritaseum’s money transfer methods on its marketplace, mobile wallet, and other services. The company is seeking $350 million in damages from Coinbase.

In support of its claim, Plaintiff alleges that Coinbase “made significant profits, and Veritaseum “suffered losses as a direct and immediate result” of defendant’s patent infringement. Lawyers for Veritaseum said they sent a warning to Coinbase in July about alleged patent infringement and possible legal consequences. However, the exchange refused to settle the dispute out of court, so they were forced to file a lawsuit.

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Recall that in August, the American exchange Coinbase announced the opening of a division in Japan, where it entered into a partnership agreement with banking giant Mitsubishi UFJ Financial Group (MUFG).

Source: Bits

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