The digital payments firm Block Inc. is taking legal action against Roger Ver’s Bitcoin.com over an alleged trademark infringement using its newly minted Verse token, which finished a private sale of $33.6 million in May 2022. The case is now in the early stages of prosecution.
Lawyers representing Block said, in a letter issued to the CEO of Bitcoin.com, Dennis Jarvis, and the firm’s legal counsel, Joseph Collement, that Bitcoin.com’s use of the word “Verse” violated German trademark law and constituted an infringement of Block’s trademark rights. This notification, dated July 4, 2022, was the first time that Block’s legal counsel, Bird & Bird, outlined its trademark infringement case in Germany. The letter, dated August 10, 2022, was a follow-up to that notice and was sent on August 10, 2022.
The claim of trademark violation began in 2020, when Block completed the purchase of Verse Technologies Inc. and Decentralized Global Payments S.L. A peer-to-peer payment software going by the name “VERSE” was also included in the portfolio that Verse and Decentralized put together. “Our customer has been in charge of managing this app ever since the takeover,” the letter said.
The legal counsel for Block said that the “VERSE” app may be downloaded on Apple and Android smartphones, as well as being accessible in European countries like Germany, where it is now available. The letter explained in detail Block’s rights to a figurative mark that uses the word “Verse” as well as the word mark “VERSE,” with the focus on computer and application software for mobile devices.
The legal counsel for Block demanded that Bitcoin.com execute a statement of discontinuance and undertaking no later than August 17, 2022, or face the possibility of additional legal action. Additionally, it demanded that Bitcoin.com “stop and desist” its Verse token activities inside the European Union, or else it would be subject to a contractual penalty in the amount of $10,400 (€10,000) “for each occurrence of noncompliance.” Block also asked that he be paid back for the $3,906.54 (€3,744.50) he spent on legal fees.
Block, which was once known as Square and was established in 2009 by Jack Dorsey, changed its name in December 2021 to reflect its new emphasis on blockchain technology and Bitcoin. Since leaving his position as CEO of Twitter in November 2021, Dorsey has been concentrating more and more on developing Bitcoin hardware and payment solutions.
To get daily updates & trending news on crypto follow us on: