Coinbase Sued For Patent Infringement, Tether Launches USDT On Polkadot, Why Is XRP Pumping?

Written by Crypto University

September 26, 2022

Coinbase Sued For Patent Infringement

Coinbase, the biggest cryptocurrency exchange in the US, is being sued by Veritaseum Capital LLC, for patent infringement. Veritaseum Capital LLC is a blockchain infrastructure company founded by Reggie Middleton. The company claims Coinbase infringed on a patent awarded to Middleton for a secure way of processing digital-currency transactions and seeks $350 million for the settlement.

Veritaseum Capital LLC filed the case in Delaware federal court last week. It alleges Coinbase infringed on a patent granted to Veritaseum creator Reggie Middleton by the US Patent and Trademark Office last December.

Veritaseum wants the court to declare that Coinbase has violated their Patent’s claims. They also want the court to prohibit Coinbase from infringing the Patents. Finally, they want the court to award them at least $350,000,000 in damages. In addition they want them to cover their attorney’s fees in the law case.

Tether Launches USDT On Polkadot 

Tether, the largest stablecoin by market cap, announced it launched USDT on the Polkadot Network. The stablecoin is presently available on eleven networks, including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and the Standard Ledger Protocol of Bitcoin Cash.

“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year, and we believe Tether’s addition will be essential in helping it continue to thrive,” said Paolo Ardoino, CTO at Tether.  

Polkadot is a complete Web3 ecosystem designed for the multichain future. It enables independent blockchains to securely and trustlessly communicate information and transactions via the Polkadot Relay Chain. It also makes it easier to construct and link decentralized apps, services, and institutions.

Why Is XRP Pumping?

XRP, Ripple’s native token, jumped up more than 56% last week, reaching a high of $0.52. The reason why the XRP price is pumping is that there is a good chance the court will find in favor of the Ripple team’s claim that the SEC misapplied the market’s rules on the matter.

The altcoin is currently trading at $.49 at the time of writing. It is down 48% in the past 12 months and 85% since its all-time high. 

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