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.
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.
Since @coindesk @cointelegraph haven’t reported this, we’ll break this 179 pg @coinbase suit via our social media accounts. There’s a whole LOT more to follow, in terms of analysis & knowledge. Live AMA to follow, till then see 122 pg forensic analysis https://t.co/NMRxRQDo4e pic.twitter.com/sDVWbEZH8r
— Reggie Middleton DeFi Patent US11196566, JP6813477 (@ReggieMiddleton) September 22, 2022
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.
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
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
