Altcoin Built on Ethereum Erupts 75% in Three Days Following Patent Infringement Lawsuit With Coinbase
An Ethereum-based crypto project is quietly outshining other digital assets as markets turn green on a relief bounce.
Veritaseum (VERI) is a global blockchain-based software that aims to provide access to peer-to-peer financial marketplaces.
Veritaseum offers a suite of various products, including a forensic research tool, a lending or “rental” platform, and a tokenization service.
VERI, the ERC-20 token that powers the ecosystem, has a current market cap of $93 million and is trading for $42.62.
VERI has been showing strength over the course of several days following a lawsuit against Coinbase, filed by Veritaseum’s creator Reggie Middleton who alleges that the crypto exchange is infringing on his patent for a value transfer technology.
According to a filing in a Delaware court, Veritaseum Capital is seeking $350 million in damages from Coinbase under the claim that the exchange is using its patent to facilitate several of its services, including Coinbase Cloud, Coinbase Pay and Coinbase Wallet.
The filing stated that Coinbase has been raking in a “substantial” amount of its revenue using Middleton’s technology.
While the connection between VERI’s price action and the lawsuit is unclear, the Ethereum token pulled off a rally of over 75% in just over three days following news of the filing. Going from a low of just above $27 on the 24th, VERI reached a high of $47.80 on the 27th, and has held on to most of its gains at time of writing.
Coinbase has not commented on the lawsuit at time of writing.
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Featured Image: Shutterstock/Garry Quinn