Coinbase Reaches Agreement with DynaPass, Resolving Patent Dispute

BlockBeats News, November 4th, according to Bloomberg, Coinbase Inc. has decided to withdraw its lawsuit against DynaPass Inc. DynaPass had claimed that this software company baselessly accused the cryptocurrency exchange of infringing on a patent related to two-factor authentication.

According to a notice of dismissal filed on October 31st with the United States District Court for the Northern District of California, the parties reached an agreement that includes a covenant: DynaPass will not sue Coinbase, its customers, suppliers, partners, or other members of the non-profit advocacy group Crypto Open Patent Alliance.

In a lawsuit filed as early as September, Coinbase sought a declaratory judgment from the court to confirm that the company did not infringe on DynaPass's U.S. Patent No. 6,993,658 and raised questions about the validity of the patent.