Coinbase Sued For Patent Infringement Over Crypto Transfer Technology

Coinbase is being sued by Veritaseum Capital LLC, which alleges that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton. CoinDesk reports: According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking at least $350 million in damages. Middleton and Veritaseum in 2019 settled a case with the U.S. Securities and Exchange Commission (SEC), paying nearly $9.5 million over charges surrounding the initial coin offering (ICO) for the company's VERI token/ 'Veritaseum's website says it 'builds blockchain-based, peer-to-peer capital markets as software on a global scale,'' adds Reuters, which first reported the lawsuit. 'Thursday's lawsuit accuses Coinbase features including its website, mobile app and Coinbase Cloud, Pay, and Wallet services of infringing a patent covering a secure method for processing digital-currency transactions.'

'Veritaseum Capital's attorney Carl Brundidge of Brundidge Stanger said Friday that Coinbase was 'uncooperative' when they tried to settle out of court.'

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