Blockchain firm Vertiaseum sues Coinbase for $350M

Created By Jyotish

Crypto exchange Coinbase has been in trouble with the law.

Following allegations of infringement by blockchain-based software company Veritaseum Capital

According to Veritaseum, Coinbase violated its patent for cryptocurrency payment transmission technology.

The "566 Patent" is a technology patent that focuses on "new devices, systems, and techniques." 

Founder of Vertiaseum Reginald "Reggie" Middleton and co-inventor Mathew Bogosian were given patent number 566.

The Vertiaseum received this patent on December 7, 2021, from the U.S. Patent and Trademark Office.

Veritaseum justified the $350 million figure by arguing that Coinbase had “gained substantial profits by virtue of its infringement”

The attorneys also noted that Veritaseum had previously sent a letter to Coinbase in July warning it of its alleged infringement