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One of the digital currency industry’s oldest venture capital firms is suing for trademark infringement over the use of its name. Blockchain Capital, LLC recently filed a lawsuit against a Florida company, claiming that the latter’s name is likely to cause confusion to investors.
In the lawsuit filed at the Middle District of Florida, the San Francisco-based company sued Blockchain Capital Management LLC (BCM), a Florida-based company and its founder Fareed Iftikhar for state and common law trademark infringement.
Blockchain Capital LLC claimed on its lawsuit that it has the exclusive right to use the name in venture capital and financial services industry. Founded in 2013 by Bart Stephen and Brock Pierce as Crypto Currency Partners, the company has been using the name for more than five years now. The lawsuit further claimed that through its partners’ individual exploits and the company’s successful investments, it has gained ‘distinctiveness, substantial press and recognition.’
BCM’s use of a similar name has caused “confusion, mistake or deception among the public.” This could lead to some investors falsely believing that BCM’s activities are affiliated with, endorsed by or authorized by Blockchain Capital, the firm claimed.
Blockchain Capital has written to BCM requesting for a name change in the past, the filing revealed. However, the latter has yet to act on the request, despite the founder, Iftikhar, acknowledging receipt of the letters.
“Defendants’ use of BLOCKCHAIN CAPITAL, if not enjoined by this court, will continue misleading the public and causing irreparable damage and harm to Plaintiff and the public, and will deprive Plaintiff of control over and exclusive rights to its immensely valuable brand and the goodwill it represents.”
However, the row may be solved quickly, with BCM’s founder revealing that he has no intention of fighting the case. In a statement to CoinDesk, Iftikhar revealed that BCM has largely been dormant and that he is willing to dissolve the company and end the legal proceedings.
“We have asked our counsel to start the process of dissolution for the aforementioned company and should be completed soon,” he stated.
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