Software giant Oracle has accused a blockchain venture capital startup of trademark infringement and cybersquatting in a new lawsuit that was reported on Aug. 15.
According to the report, Oracle is suing the New York City-based CryptoOracle for the close similarity in naming. CryptoOracle is a blockchain-focused venture capital startup, with no affiliation to the high-profile Redwood Shores Oracle.
Oracle has a presence in the selling of blockchain services, and is accusing CryptoOracle of cybersquatting in an attempt to give the impression that it is affiliated with the larger software company.
The complaint by Oracle accuses the NYC-based startup of intentionally choosing its name to confuse consumers.
According to the filing, CryptoOracle seeks to
"trade on Oracle's reputation as an innovator and leader within the technology industry, and to evoke among consumers the goodwill that Oracle has built in its own famous brand."
Crypto Oracle LLC is owned by Louis Kerner, a former Goldman Sachs executive who founded the company in 2017. The startup bills itself as an advisory firm geared towards businesses and entrepreneurs in the industry of blockchain.
As of writing, CryptoOracle has yet to comment on the situation.