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What’s in name? A lot, feels New York-based investment banking major Goldman Sachs & Co, which has shot off a legal notice to Jaipur-based cryptocurrency start-up Bitsachs, alleging violation of Intellectual Property Rights.
In a legal notice sent by Goldman Sachs, it said that the Jaipur-based firm is claiming to be operating and developing a cryptocurrency called Bitsachs.
The notice has termed Bitsachs as “infringing mark” and the website “infringing domain”. It has also sought Bitsachs to cease and desist from using “infringing mark” and deactivate the “infringing domain” and transfer the domain to the company.
“The infringing mark is confusingly similar to our clients’ famous Goldman Sachs’ mark, as is also partially evidenced by your use of a company name that copies the ‘Man Sachs’ name,” the letter sent by legal firm, Andrews Kurth Kenyon, on behalf of Goldman Sachs, said.
“Furthermore, the infringing mark is intended for use in connection with related services as those provided by Goldman Sachs. The infringing mark is thus clearly intended to draw an association between your cryptocurrency, on the one hand, and our clients Goldman Sachs, on the other hand,” it said.
According to the notice, consumers are likely to confuse or mistakenly believe that “our client has somehow authorised, licensed or sponsored, or is affiliated with the infringing mark and infringing domain,” the notice said.
BusinessLine has reviewed a copy of the letter.
In the notice, investment banking major also said that it provides extensive financial services to its clients in the currency markets, including cryptocurrencies and blockchain technologies.
Change in name
Bitsachs, which is gearing up to launch the platform for trading crypto assets in the next 7 days, is not taking any chances.
The company has changed its name to Bitfeu, Ashish Agarwal, a promoter of Bitsachs, said.
“We are not contesting it as it is important for us to focus on the business. However, we will continue to own the domain bitsachs.com , while we will not be using it,” Agarwal added.
Agarwal also clarified that the company had changed its name to Bitsachs from Bitman Sachs much even before the notice, and added the company was not developing any cryptocurrency.
Bitsachs, now Bitfeu, will introduce five tokens - Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
An e-mail sent to Goldman Sachs did not elicit any response as of press time on Friday.
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