As per a report by Investing.com, NanoLabs has filed a lawsuit against Coinbase for trademark infringement related to its Nano Bitcoin futures contract and Nano Ether futures contract. NanoLabs claims that Coinbase’s new products are “derivative products” that are “identical or highly similar” to Nano, the digital currency it created. It also claims that its brand’s reputation has been harmed and that it has suffered financial losses as a result of the infringement.
NanoLabs has demanded an injunction to prevent Coinbase from using the term “Nano” or other confusingly similar trademarks or domain names. Additionally, it is seeking a monetary settlement of at least $5 million and wants Coinbase to run corrected advertising, remove any infringing content, and pay back any and all revenues gained by utilising the Nano brand. NanoLabs has asked for a trial by jury.
The correspondence between the two firms beginning in 2018 is also cited as evidence that Coinbase was aware of the Nano digital currency prior to the introduction of its products, while purportedly declining NanoLab’s application to list Nano on Coinbase.
Coinbase is a digital currency exchange platform that allows individuals and institutions to buy, sell, and trade various cryptocurrencies. It provides a user-friendly interface that makes it easy for anyone to buy and sell digital currencies without needing to have extensive technical knowledge. Users can link their bank accounts or credit/debit cards to their Coinbase account and use them to purchase or sell cryptocurrencies.
Coinbase offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and others. It also provides various features such as a digital wallet, recurring buys, price alerts, and a crypto debit card, which enables users to spend their digital currencies for everyday purchases.
One of the reasons why Coinbase has become a popular platform for investing in cryptocurrencies is its high level of security. Coinbase stores the majority of its customers’ digital assets offline in cold storage, which makes it more difficult for hackers to steal funds. It also provides two-factor authentication and other security features to protect users’ accounts.
Coinbase is regulated in the United States and complies with various regulations, including KYC (Know Your Customer) and AML (Anti-Money Laundering) laws. As a result, it has become a trusted platform for individuals and institutions to invest in cryptocurrencies.
In recent years, Coinbase has become one of the largest cryptocurrency exchanges in the world in terms of trading volume. In April 2021, Coinbase became a publicly traded company through a direct listing on the NASDAQ, making it the first major cryptocurrency exchange to go public.
Nano Bitcoin futures contract and Nano Ether futures
Nano Bitcoin futures contract and Nano Ether futures contract are financial derivatives that allow traders to speculate on the future price of Bitcoin and Ethereum, respectively, using the Nano cryptocurrency as collateral.
In these futures contracts, the buyer agrees to purchase a specified amount of Bitcoin or Ether at a predetermined price and date in the future. The seller, in turn, agrees to deliver the underlying asset (Bitcoin or Ether) at the agreed-upon price and date.
The use of Nano as collateral in these contracts allows traders to avoid using traditional currencies such as USD or EUR, which can be subject to inflation or currency fluctuations. Instead, traders can use the decentralized and secure Nano cryptocurrency as collateral, providing a more stable and reliable source of value for their futures contracts.
NanoLabs, the company behind the Nano cryptocurrency, has filed a lawsuit against Coinbase, claiming that the Nano Bitcoin futures contract and Nano Ether futures contract infringe on their trademark and cause confusion in the market. They allege that Coinbase’s use of the Nano name in these products is causing damage to their brand reputation and financial losses.
NanoLabs is a company that created the Nano cryptocurrency. It was founded in 2014 by Colin LeMahieu and was originally known as RaiBlocks. The Nano cryptocurrency is a decentralized digital currency that aims to provide fast and feeless transactions.
NanoLabs has been actively developing and promoting the Nano cryptocurrency, which uses a unique technology called block-lattice to process transactions. This technology allows for high scalability, fast transaction processing times, and low fees. As a result, Nano has gained popularity among cryptocurrency enthusiasts and has been listed on various exchanges.