NanoLabs initiated a lawsuit against the Nasdaq-listed crypto exchange Coinbase over the use of misleading names for the Nano coin holders.
Nano coin is a very old crypto project. Initially, this coin was launched in 2014 by the name RaiBlocks but later in 2018, the team rebranded the coin name. Colin LeMahieu is the core founder of this coin.
Last year, US-based Nasdaq-listed public crypto exchange Coinbase launched its two products Nano Bitcoin futures contract on June 27 and its Nano Ether futures contract on Aug. 29.
On 24 Feb 2023, NanoLabs, a team behind nano coin, submitted a filing in the California Northern District Court & alleged that Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products are misleading for Nano coin traders and it is also infringing on trademark rights owned by them.
Through the lawsuit, the Nano coin team claimed that Coinbase’s product names are a threat to the identity of Nano coin and it is irreparable harm. For this, the Nano coin team wants at least $5 million as compensation.
It is worth noting that the Nano coin team also approached the Coinbase team in 2018 to list Nano coin but the exchange rejected its application. It means Coinbase & its team was aware of Nano coin named crypto token over several years.
Nano coin price action
The current trade price of Nano coin is $0.9 & this trade price is 12.77% high over the last 30 days’ trade price.