A startup founded by the Waves platform team, Vostok, has been sold to one of the project’s earliest investors.
According to a report by Gazeta.ru, Waves CEO Alexander Ivanov “sold his stake” in the data management and smart city oriented project to Mark Garber of the financial consultancy GHP Group.
The Waves platform has developed blockchain solutions through partnering with some of Russia’s largest private and state-owned enterprises, as well as global firms, for institutional, industrial, and military use.
Vostok, in particular, aligned with the Russian state-owned conglomerate Rostec in 2018 to securely manage data for the firm’s 700 industrial entities. Additionally, the startup was instrumental in roadmapping the “digital economy” as part of the “Strategic Development Objectives of the Russian Federation up to 2024,” announced by President Vladimir Putin.
Ivanov told Gazeta:
“I would like to focus on the international development of the Waves Platform. The tasks of building a decentralized Internet of the new generation based on the blockchain (the so-called Web3), which we implement in Waves, require my one hundred percent concentration.”
Though details of the deal have not been disclosed, Garber plans to integrate Vostok’s digitalization solutions in GHP’s mining, production, and logistics projects.
Gazeta also reports that Garber holds a stake in the container transporting company Fesco and serves on the board of another trade logistics company, called TransContainer.
Vostok was formed in 2018. Its”Gorod N” project saw a partnership with Nizhny Novgorod region administrators to develop a civic voting and public budgeting solution, which reportedly enables citizens to vote on where tax dollars are spent.
Garber intends to keep the startup’s development team aboard, but will elect a new supervisory board. As part of their initiative to strike larger international deals, Waves will open a Berlin office.
South Korea’s ‘Bit-Island’ Jeju Announces New Blockchain Initiative
South Korea’s “Bit-Island” Jeju announced the Blockchain Hub City Development Research Service on Aug. 13.
An island with blockchain ambitions
Local news outlet JejuDomin reported on Aug. 14 that Jeju announced the Blockchain Hub City Development Research Service on Aug. 13. Furthermore, the author of the report stated that cloud services provider Tilon will carry the research. Per the report, the budget meant to cover the costs of the project amounts to 175 million won (nearly $145,000).
In April local news outlet BusinessKorea reported that Busan — South Korea’s second most populous city — has been picked over Jeju as the preferred location for South Korea’s blockchain regulation-free zone.
The island that does not surrender
Jeju previously hoped to become the local initial coin offering (ICO) hub, after being granted the status of regulation-free zone. Still, the latest developments show that the island is still fighting for relevance in the blockchain and cryptocurrency industry.
As part of the project, parties involved will reportedly analyze and investigate advanced use cases for blockchain technology and derived services, and also develop a blockchain service model suitable for Jeju Island. Future strategy director of Jeju Island Noh Hee-seop commented on the development:
“We expect that this research service will contribute to the establishment of Jeju as a blockchain hub city that maximizes the potential of blockchain technology, the core technology of the 4th Industrial Revolution.”
After first banning ICOs in September 2017, South Korean state financial regulator the Financial Services Commission announced that it will not lift its ban on ICOs in the country at the end of January.
Busan looks to release local crypto
As Cointelegraph reported in July, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group.
Court Allows Blockchain.com’s Trademark Lawsuit Against Paymium to Proceed
The New York Federal Court denied the motion to dismiss the ruling in the trademark infringement action by cryptocurrency wallet and exchange operator Blockchain.com against fintech startup Paymium and its CEO Pierre Noizat over the use of domain “blockchain.io”.
According to the court documents published on Aug. 7, the lawsuit, originally filed by Blockchain.com in September 2018, claimed that Paymium and its Blockchain.io platform not only infringed on the trademark, but also were involved in alleged unfair competition and false advertising.
Blockchain versus Blockchain
In February 2019, Paymium moved a motion “to dismiss the amended complaint for failure to state a claim upon which relief can be granted […] and for lack of personal jurisdiction over Pierre Noizat.”
In its turn, Blockchain.com successfully managed to argue that their marks were not inherently descriptive and acquired secondary meaning, and that Blockchain.com and Blockchain.io marks were substantially similar enough for the case to proceed.
The New York Federal Court denied the trademark infringement part of the Paymium’s motion and allowed the suit to continue.
You don’t mess with the SEC
The court also found Paymium’s advertising claims that the “filing has been accepted and [it is] now registered with the SEC!” to be false, so this part stays in the lawsuit too.
In reality, the only thing the startup registered at that time with the U.S. Securities and Exchange Commission was a Form D. Blockchain.com argued that “the filing of a Form D does not mean that a security is ‘registered’ or that it has been in any way scrutinized or approved by the SEC.” The court agreed.
At the same time, all claims against Pierre Noizat were dismissed due to the actual lack of personal jurisdiction. The court also argued that the advertising of “hack-free status and atomic swaps” was not false.
Recently, Cointelegraph reported that IT giant Oracle sued blockchain startup CryptoOracle alleging trademark infringement and cybersquatting in the Northern District of California.
IT Giant Oracle Sues Blockchain Startup for Taking Its Name
Software development behemoth Oracle is suing blockchain startup CryptoOracle, alleging trademark infringement and cybersquatting.
Cybersquatting and trademark infringement
Technology market news outlet Computer Reseller News (CRN) reported on Aug. 15 that Oracle sued CryptoOracle alleging trademark infringement and cybersquatting in the Northern District of California.
Wikipedia states that cybersquatting “is registering, trafficking in, or using an Internet domain name with bad faith intent to profit from the goodwill of a trademark belonging to someone else.”
The complaint filed by the tech giant reportedly claims that the startup’s name has been chosen “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.”
CryptoOracle is an advisory firm focused on the cryptocurrency space, which also sells tickets to industry events that it organizes, such as CryptoMondays. Oracle, on the other hand, is the software development giant behind Java that also happens to provide blockchain services.
Oracle also works on blockchain
For instance — as Cointelegraph reported in February — Oracle is expanding features on its enterprise-grade Oracle Blockchain Platform. The startup has been featured multiple times on CNBC, and one such interview is why the IT giant decided to take legal action.
Oracle reportedly first sent a cease and desist letter CryptoOracle filed for trademark rights to its name. Now, Oracle is asking a federal judge to order the startup to withdraw that trademark application, stop using its name and remove the branding from all web domains that reference it. Lastly, Oracle’s attorney also reportedly claims that the firm has the right to recover the startup’s profits.