Goldman Sachs has sent a legal notice to Indian cryptocurrency exchange Bitsachs over trademark and intellectual property infringement.
Bitman Sachs LLP, registered in the western Indian city of Jaipur, has similarity in name to the New-York based Goldman Sachs. It operates a website called Bitsachs.com.
In the notice, the banking giant accuses Bitman Sachs of “infringing mark,” and accuses its website of “infringing domain.”
“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. 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.”
Goldman Sachs said the Indian exchange is developing its own cryptocurrency called Bitsachs.
However, the founder of the cryptocurrency exchange, Ashish Agarwal denied the charges.
He said his company is not using th name “Goldman” anywhere in its brand name, and that “Sachs” is a very common surname in Germany. “So I don’t know how this could be an infringement of intellectual property or trademark,” he added.
Founded in 2017, Bitman Sachs offers its clients a multi-cryptocurrency wallet including bitcoin, ethereum, litecoin and ripple, and provides them a platform to buy and sell cryptocurrencies.