Block Inc., a company where former Twitter CEO Jack Dorsey is now the current CEO, has filed a lawsuit against Bitcoin.com. The digital payment company is seeking legal action against the crypto wallet developer for alleged trademark infringement. This is in regard to the newly released token called "Verse," which was from Bitcoin.com.
Legal Actions Between Block and Bitcoin.com
A letter was addressed to Bitcoin.com's CEO, Dennis Jarvis, along with his legal counsel, Joseph Collement. It states that the use of "Verse" violates German trademark law, specifically, trademark infringement. The letter sent on August 10th was only a follow-up to their initial infringement case back in early July.
According to Coin Telegraph, the lawsuit was filed due to Block's acquisition of Verse Technologies Inc., as well as Decentralized Global Payments in 2020. The letter stated that the portfolio of Verse and Decentralized, also had a peer-to-peer payment app also going by name same name as the token. The app has been used by their client since the acquisition.
It was also noted that the "Verse" app is operational in areas like Europe, including Germany. It states that they had a figurative mark and word mark for "Verse," seeing as it would be used for computer software and mobile devices applications. The letter ordered a cease and desist regarding the use of the name.
It also states that Bitcoin.com must provide information about the scope of the alleged infringement, as well as compensation for the damages of the act. The crypto exchange must also pay for the cost of expenses in relation to the letter. Block's legal counsel requested for Bitcoin.com to discontinue the use of "Verse."
They must also provide a declaration accompanied by a signature by August 17th, or Block will continue with the legal battle. If Bitcoin.com does not comply and continue its operations in the EU, it will be faced with a penalty of $10,400 for every contravention. Block also called for a $3,906.54 reimbursement for legal fees.
The Verse Token
According to the Verse PDF file, is the ultimate utility and reward token. It claims to already have 29 million active wallets created, as well as five million monthly active users. They aim to create a mechanism wherein users will be rewarded for buying, selling, spending, and investing in crypto, essentially participating in the crypto ecosystem.
It states that users can earn Verse, by providing liquidity to the Verse Dex. They can also stake the token in order to earn rewards. Along with those, users can use the token as collateral in lending pools and trade it with other cryptos. It offers exclusive access to certain products and services as well.
The PDF file shows various charts, including one that shows the fundamentals of Verse getting a 440% year-over-year growth. Several firms have already partnered and participated with Verse within the crypto ecosystem. These include Mastercard, MoonPay, GoCrypto, Stytch, Cascade, Sideshift.ai, and more.
