One of the crypto industry’s oldest venture capital firms is suing for trademark infringement over the use of its name. Blockchain Capital has 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, Blockchain Capital sued Blockchain Capital Management LLC (BCM), a Florida-based company, and its founder Fareed Iftikhar for state and common law trademark infringement.
Blockchain Capital has been using the name for more than five years now.
Blockchain Capital had claimed its lawsuit that it has the exclusive right to use the name in the venture capital and financial services industry. The company was 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,’ reported Saumil Kohli. The Florida firm’s use of a similar name has caused “confusion, mistake, or deception among the public,” the lawsuit states.
The lawsuit might get resolved soon.
Blockchain Capital has written to BCM requesting a name change in the past, according to the lawsuit. However, the Florida based-firm has yet to act on the request, despite the founder, Iftikhar, acknowledging receipt of the letters. The lawsuit may be solved soon, as BCM’s founder revealed that they have no intention of fighting the case. In a statement to the crypto news outlet CoinDesk, Iftikhar said BCM has largely been dormant, and they are willing to dissolve the company and end the legal proceedings.