Coinbase Global Inc. (COIN) provides financial infrastructure and technology to the cryptocurrency industry in the United States and worldwide. The company offers retailers the primary financial account in the crypto economy, a marketplace with a liquidity pool for institutions to transact in crypto assets.
However, Veritaseum Capital LLC has recently sued COIN, alleging that the crypto exchange infringes on a patent granted to Veritaseum founder Reggie Middleton. According to Veritaseum, Coinbase has exploited the patent for some of its blockchain technology, and the business is demanding at least $350 million in damages.
