2022 /PRNewswire/ -- Brundidge & Stanger P.C., a
leading nationally recognized Intellectual Property law firm, today
announced that it has commenced a patent infringement action
against Coinbase Global, Inc. (NASDAQ: COIN) on September 22, 2022 for infringement of its client
Veritaseum Capital, LLC's patents and inventions.
BRUNDIDGE & STANGER, Announces
$350M Patent Suit against
Coinbase (COIN) on behalf of Veritaseum Capital.
Details of the lawsuit:
- Veritaseum Capital filed a lawsuit September 22, 2022 In the U.S. District Court in
Delaware valued at hundreds of
millions of dollars against Coinbase (NASDAQ: COIN) for
Intellectual Property (IP) infringement.
- From December 2021 until now,
anytime individuals and/or commercial entities used Coinbase's
platform and conducted transactions on the blockchain, they were
using Veritaseum Capital's technology (not Coinbase's).
- Coinbase has assured its customers and investors (through its
IPO prospectus, SEC filings and other means) that it can operate
freely and does not have any IP barriers to its operation, calling
into question its duty of care.
- Coinbase as well as others in the newly developing field of
Decentralized Finance (DeFi) are using Veritaseum Capital's
Reginald Middleton has invented
and patented useful and highly valuable devices, systems and
methods for facilitating low trust and zero trust transactions
across a distributed ledger network (Blockchain). Mr. Middleton's
patented invention, which was issued by the U.S. Patent &
Trademark Office as U.S. Patent No. 11,196,566 on December 7, 2021, is particularly applicable to
the newly developing field of DeFi. Mr. Middleton was also
awarded a patent for his invention by the Japan Patent Office,
namely Japan Patent No. JP6813477, on January 13, 2021.
Mr. Middleton's invention is particularly useful to companies
such as Coinbase in enabling parties with little trust or no trust
in each other to enter into and enforce value transfer agreements,
conditioned on input from or participation of a third party, over
arbitrary distances, without special technical knowledge of the
underlying transfer mechanism.
In 2014, Mr. Middleton, a serial entrepreneur and inventor,
founded Veritaseum, the progenitor of decentralized finance
technology. According to Mr. Middleton, his creation exploits
modern cryptography in the fields of finance, economics and value
transfer to assist individuals to gain more control over their
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Founded in 2009 Brundidge & Stanger, P.C.
(https://brundidge-stanger.com/) is a boutique law firm, which
specializes in handling the legal needs of small, medium and large
technology based emerging companies, governmental entities, closely
held private companies, private equity funds, venture capital
funds, public companies, financial institutions and high net worth
SOURCE BRUNDIDGE & STANGER, P.C.