Another Lawsuit Filed Against Coinbase for $350 Million Over Patented Crypto Transfer Technology:
Coinbase – the renowned cryptocurrency exchange in the United States – has been hit with another multi-million dollar lawsuit.
Following the lawsuit, the company has been accused of patent infringement through several of its services, over which the plaintiff is seeking $350 million in damages.
The Lawsuit was filed by Veritaseum Capital on Thursday in a Delaware court, claiming that Coinbase has infringed a patent awarded to the company’s founder Reggie Middleton in December by the U.S. Patent and Trademark Office.
The patent encompasses a technology facilitating low-trust peer-to-peer value transfer “conditioned on input from or participation of a third party.”
According to the filing, Coinbase violated Middleton’s intellectual property rights by infringing the patent’s claims through multiple services on Coinbase’s site.
These multiple services include Coinbase Cloud, Coinbase Pay, Coinbase Wallet, Delegate and Validator software, and other technologies.
However, Coinbase was reluctantly “uncooperative” with Veritasium when the latter requested to settle the matter outside of court, according to attorney Carl Brundidge of Brundidge Stanger.
“Defendant makes, uses, sells and/or supports infringing products and services on the Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Solana platforms as well as NFTs for its products and offerings that run on top of and facilitate said platforms,” the filing continues.
Sequel to the filing, the lawsuit seeks to award Veritaseum $350,000,000 in damages, because of the “substantial profits” all reaped by Coinbase.
“builds blockchain-based, peer-to-peer capital markets as software on a global scale.”