Blockchain company Veritaseum Capital has just filed a lawsuit claiming crypto exchange COINBASE $350 million in damages for infringing a patent.
According to the document, it is the "566 Patent" for crypto payments technology. Veritaseum Capital believes Coinbase has used it in its website, mobile wallet and other services.
The company has justified the requested compensation of $350 million "by receiving a significant profit from the exchange for infringement." Veritaseum itself is said to have "suffered direct damages as a result."
The company's lawyers have highlighted they warned Coinbase about the alleged breach last July 3.
The company has not ruled out there are other "centralized and decentralized exchanges using an unlicensed patent" from Veritaseum.
