Blockchain firm Vertiaseum sues Coinbase for $350M

Crypto exchange Coinbase has been in trouble with the law.

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

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

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

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[{"selector":"#anim-a5ff10e8-d610-470f-9262-c785928f1dc7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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.

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[{"selector":"#anim-c444c553-01af-43ba-937a-4f08401cca6e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Veritaseum justified the $350 million figure by arguing that Coinbase had “gained substantial profits by virtue of its infringement”

[{"selector":"#anim-6bb87c98-703a-4fe2-939d-d709a7f9cc8d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The attorneys also noted that Veritaseum had previously sent a letter to Coinbase in July warning it of its alleged infringement Find More Here