It is very common for companies to get in lawsuits, especially industry biggies. In a similar instance, American multinational IT stalwart Oracle Corporation has filed a lawsuit against blockchain venture capital start-up CryptoOracle. Oracle has accused CryptoOracle of trademark infringement.
CryptoOracle is a start-up company providing its clients with advisory regarding cryptocurrency decentralization, smart contract technologies, and leveraging blockchain. They faced black lash by Oracle Corporation for using its trademark.
Oracle stated that CryptoOracle had intentionally tried to take due advantage of Oracle’s fame as an ‘innovator and leader within the technology industry.’
According to reports, Oracle has tried to settle down this issue outside the court to which the owner of CryptoOracle showed an in-filled trademark application for its brand name. After the in-cooperation showed on the part of CryptoOracle, Oracle decided to file a lawsuit.
As per the documented court report,
While Oracle would otherwise welcome some of the defendants’ endeavors, including events aimed at fostering a community around innovative and curious blockchain-enthusiasts, Oracle cannot tolerate the use of its famous trademark to brand [the] defendants’ business.
Oracle has also requested the court to force CryptoOracle to withdraw their trademark application. Attorney of Oracle has stated that Oracle is entitled to claim the profits made by CryptoOracle.