Brown Rudnick consumer Wirex, one of many world’s main cryptocurrency fee platforms, has been profitable in its Excessive Courtroom commerce mark infringement declare towards Cryptocarbon World Ltd, Cryptocarbon UK Ltd and Bee-One UK Ltd, in respect of their unauthorised use of Wirex’s registered commerce mark, CRYPTOBACK.
In yesterday’s judgment, which follows a Excessive Courtroom trial that came about in January of this yr, His Honour Decide Hacon discovered that Wirex’s CRYPTOBACK commerce mark was legitimate and had been infringed by the defendants, and all the defendants’ counterclaims, together with their software to invalidate Wirex’s Cryptoback commerce mark, have been dismissed. His Honour Decide Hacon additionally held that Mr Subash Manuel, a Director of those firms, was collectively accountable for the infringing actions of Cryptocarbon World Ltd and Cryptocarbon UK Ltd.
Steven James, Associate at Brown Rudnick stated: “This case highlights how necessary it’s for innovative, fast-growth companies, resembling Wirex, to guard and implement their commerce marks and different mental property of their key markets. That is very true within the case of the crypto trade, which has seen fast progress but additionally numerous copycat or in any other case infringing choices.
At Brown Rudnick, we’re seeing a continued improve in commerce mark purposes throughout the inventive, know-how and monetary sectors. Securing commerce mark safety permits companies to guard their manufacturers and create extremely priceless, strategic enterprise property. We hope that as we speak’s judgment will remind companies of the significance of securing commerce mark safety on the earliest potential stage, and wherever potential previous to launching a brand new services or products.”
Brown Rudnick had secured commerce mark safety for Wirex within the UK and in different key markets throughout the globe. Wirex subsequently found that the defendants, Cryptocarbon, have been utilizing the CRYPTOBACK identify for their very own cryptocurrency rewards scheme. Following the defendants’ refusal to simply accept that they’d infringed the Wirex commerce mark and their determination to proceed utilizing the CRYPTOBACK model, Wirex issued its declare for commerce mark infringement in September 2019. The Courtroom in the end held that the defendants’ claims to have earlier rights within the CRYPTOBACK mark within the UK have been unfounded.