WILLMINGTON, Del., Sept. 26, 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.
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 technology.
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 financial transactions.
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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 individuals.
SOURCE BRUNDIDGE & STANGER, P.C.
