Coinbase hit with proposed trademark lawsuit over Nano derivative products

Coinbase hit with proposed trademark lawsuit over Nano derivative products

Feb 26. 2023

By Stephen Katte

NanoLabs has filed a trademark infringement lawsuit against crypto exchange Coinbase for its Nano Bitcoin futures contract and Nano Ether futures contract.

Crypto exchange Coinbase has been named as a defendant in a legal complaint brought by NanoLabs — the company behind the digital currency Nano (NANO) — over alleged trademark infringement.

In the Feb. 24 filing with the California Northern District Court, NanoLabs alleged Coinbase's Nano Bitcoin futures contract and Nano Ether futures contract products infringe on trademark rights owned by them.

It’s also alleged the infringement has caused NanoLabs economic detriment and weakened its brand identity, resulting in “actual damage and irreparable harm."

Colin LeMahieu founded the Nano digital currency in 2014; which was originally named RaiBlocks. It was rebranded to Nano on Jan. 31, 2018.

Years later, Coinbase launched its Nano Bitcoin futures contract on June 27, 2022, and its Nano Ether futures contract on Aug. 29, 2022.

In the complaint, NanoLabs argued the offerings launched by Coinbase are "derivative products" based on Bitcoin (BTC $23,461) and Ethereum (ETH $1,637), which "are identical or highly similar" to its digital currency Nano.