Tuesday, January 31, 2023

Coinbase Sued for $350 Million Over Alleged Patent Violation

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Coinbase has found itself in legal trouble after blockchain-based software firm Veritaseum Capital filed a lawsuit in the US District Court in Delaware. Alleging that Coinbase has infringed on one of its patents, Veritaseum has asked for $350 million (roughly Rs. 2,850 crore) in damages. The patent in question is around “novel devices, systems, and methods that enable involved parties to enforce value transfer agreements with little or no trust in each other”. In its lawsuit, Veritaseum has claimed that Coinbase has used this technology for many of its blockchain infrastructure services.

Veritaseum Capital has hired US law firm Brundidge & Stanger for the lawsuit against the crypto exchange. The filing states that Coinbase infringed on its cryptocurrency payment transfer technology under US Patent No. 11,196,566, also known as the ‘566 Patent’.

“Defendant’s infringing activities include but are not limited to its website, Coinbase Android mobile wallet, iOS mobile wallet, its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators,” the lawsuit states.

Veritaseum has claimed that it had been trying to reach out to Coinbase bringing this alleged patent violation to its notice, before filing the lawsuit.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360


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