Coinbase reaches an agreement with DynaPass to end patent dispute

According to Bloomberg, Coinbase Inc. has decided to withdraw its lawsuit against DynaPass Inc. DynaPass had claimed that the software company baselessly accused the cryptocurrency exchange platform of infringing a patent related to two-factor authentication.

According to a notice of dismissal filed on October 31 in the U.S. District Court for the Central District of California, the parties reached an agreement that includes a commitment clause: DynaPass will not sue Coinbase, its customers, suppliers, partners, or other members of the non-profit advocacy organization Crypto Open Patent Alliance.

In the lawsuit filed in September, Coinbase sought a declaratory judgment from the court confirming that the company did not infringe DynaPass's U.S. Patent No. 6,993,658 and questioned the validity of the patent.