CryptoOracle, a blockchain-based investment start-up from New York, has been indicted by software giant Oracle for using the brand name. Oracle requires the startup to use a different name.
Oracle’s complaint boils down to the fact that the startup deliberately chose the brand name CryptoOracle. This “to capitalize on Oracle’s reputation as an innovator and leader in the technology industry, and to evoke among consumers the goodwill that Oracle has built up with its own famous brand”.
CryptoOracle describes the company’s activities as “helping to build, grow and engage decentralized communities”. The investment firm, founded in 2017, also claims to give advice to blockchain companies and entrepreneurs. The company is known for the promotion of CryptoMondays. These are educational events that take place in cities all over the world.
CRN reports that CryptoOracle was recently made public through an interview on American television with Louis Kerner, CEO of the company. Oracle offers cloud-based blockchain services via Oracle Blockchain Platform. Apart from the confusion that comes with the name, Oracle claims to have no problem with what CryptoOracle does.
“While Oracle would normally welcome some of the activities of the defendants, such as events aimed at fostering a community around innovative and curious blockchain enthusiasts, Oracle cannot tolerate the use of its famous trademark by CryptoOracle,” the indictment says.
Against the background of this ruling, it is also salient that Oracle’s lawyers claim that the company has the right to claim the profits from the startup.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.