Firm previously accused of fraud sues Coinbase for patent infringement
A firm that previously weathered fraud allegations from the U.S. Securities and Exchange Commission (SEC) is seeking $350 million from Coinbase in a lawsuit that alleges the exchange infringed on its blockchain patent. Veritaseum Capital claims Coinbase infringed on a patent it holds in its blockchain infrastructure services.
Veritaseum founder Reggie Middleton says he obtained a patent for "devices, systems, and methods for facilitating low trust and zero trust value transfers" in December of last year. The patent appears to encompass a wide variety of blockchain transaction infrastructure scenarios. Since then, he says he has exclusively licensed the patent to his company, Veritaseum, and provided notice to Coinbase in July of this year that he felt the company's blockchain.
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