NanoLabs, a
cryptocurrency company and the Nano (NANO) token issuer, has launched a lawsuit
over the alleged infringement of its trademarks. Coinbase, one of the world’s
largest cryptocurrency exchanges, is named as a defendant.
In a document
filed in a Northern California District Court on 24 February 2023, the NANO
issuer alleges that the exchange ‘s Nano Bitcoin and Nano Ether futures contract
products, which Coinbase has been offering since June 2022, infringe on
trademark rights owned by Nano Labs.
The similarity
in naming, according to NanoLabs, was expected to lead to economic damage and
undermine the brand’s market identity. NANO tokens are currently valued at less
than one dollar, and the market capitalization of the entire network is $121
million. However, the network’s activity is presently shallow and daily volumes
do not exceed one million dollars.
Development
of the project began in 2014 under the name RaiBlocks. In January 2018, the
founder and CEO of NanoLabs decided to rebrand and change it to Nano.
Coinbase’s futures offering, called Nano, on the other hand, appeared on the
market in 2022.
Coinbase Derivatives Exchange has launched Nano #Bitcoin Futures.
Here are the brokers we’ve partnered with for you to trade it: @Tradovate@NinjaTrader@IronbeamFutures@RealEdgeClear@S5Trading@optimusfutures pic.twitter.com/jDD23hC1iv
— Coinbase (@coinbase) June 29, 2022
“Defendants
did not…
