Block Inc. Takes Legal Action Against Bitcoin.com Over Verse Token Trademark Dispute

Background of the Dispute

Block Inc., the digital payments company formerly known as Square, is gearing up for a legal showdown with Roger Ver’s Bitcoin.com regarding trademark issues revolving around their newly launched Verse token. This spat was ignited after Bitcoin.com conducted a private sale that grossed a whopping $33.6 million in May 2022.

Block’s Legal Claims

In an August 10 letter directed at Bitcoin.com CEO Dennis Jarvis and legal expert Joseph Collement, Block’s attorneys argued that the use of the name “Verse” by Bitcoin.com infringes upon their trademark rights under German law. This letter was part of a follow-up regarding a July notice where Block originally flagged the issue.

The Sourcing of the Name

The contention stems from Block’s acquired companies, Verse Technologies Inc. and Decentralized Global Payments S.L. in 2020, which included a payment app called “VERSE.” Since taking over, Block has been actively operating this app, which is available to users across Europe, including Germany.

The Stakes of the Legal Battle

Block’s legal team has not taken this lightly. They threatened that if Bitcoin.com does not cease using the Verse name by August 17, it could face additional legal action, including a penalty of €10,000 for each violation and potential reimbursement for Block’s legal fees.

Roger Ver and Jack Dorsey: A Complex Relationship

This legal entanglement isn’t just about trademarks; it’s also set against the backdrop of the complicated relationship between Ver and Dorsey. With past disputes including accusations that Dorsey’s support for the Lightning Network stems from personal connections, it’s no surprise that the crypto world is watching closely. In fact, Ver has publicly speculated about Dorsey’s motivations, stirring the pot on social media.

The Verse Token: What’s the Fuss All About?

The Verse token being litigated has caught the attention of crypto enthusiasts, as it’s pitched as a “cross-chain token.” With a cap of 210 billion tokens being distributed over seven years, it aims to leverage low-fee Ethereum Virtual Machine chains. If anything, one can say this dispute is keeping the buzz alive around the token.