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Veritaseum Capital Sues Coinbase for Patent Infringement

  • Veritaseum is demanding $350 million from Coinbase.
  • The Federal court in Delaware received the case filing.

According to Reuters, Veritaseum Capital LLC is suing Coinbase for patent infringement related to its cryptocurrency transfer system. According to the complaint, a number of Coinbase services violate earlier blockchain patents. 

In 2019, Veritaseum’s issuance of digital tokens resulted in a settlement with U.S securities authorities. The VERI token is its currency and the Federal court in Delaware received the case filing. According to Reuters, it alleges that Coinbase violated a patent that the US Patent and Trademark Office granted to Reggie Middleton the creator of Veritaseum, in December.

$350 Million in Damage

A “secure method for processing digital-currency transactions” is allegedly infringed upon by components of Coinbase. Including its website, mobile app, and Coinbase Cloud, Pay, and Wallet services, according to the complaint. Veritaseum is asking for $350 million as a result.

Middleton and Veritaseum Capital LLC have been engaged in related cases in the past, in addition to their own from the SEC in 2019. They filed a second lawsuit against T-Mobile in 2020, claiming that hackers stole $8.7 million in crypto from them as a result of security flaws at the telecom provider.

Every day, millions of people use Coinbase, one of the biggest cryptocurrency exchanges in the world. The exchange has not yet addressed the case or offered a spokesperson. Hearing dates are yet to be determined.

Moreover, The Web3 developer platform from blockchain infrastructure provider Coinbase Cloud has officially been launched, enabling customers to create new decentralized apps at no cost. Node, the new developer platform, gives customers access to the Ethereum blockchain and indexers while enabling the creation and monitoring of Web3 apps, the firm said on Wednesday.

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