Wirex Wins Court Ruling in Favour of Cryptoback Trade Mark
We’re excited to announce that we have succeeded in our High Court trade mark infringement claim in regards to our UK registered trade mark for Cryptoback™, which is used in conjunction with our popular crypto rewards scheme.
The victory is against Cryptocarbon Global Ltd, Cryptocarbon UK Ltd and Bee-One UK Ltd in respect of their unauthorised use of the Cryptoback™ trade mark. Mr. Subash Manuel, a director of these companies, was held jointly liable for the infringing activities of Cryptocarbon Global Ltd and Cryptocarbon UK Ltd.
What is our Cryptoback™ Scheme?
Cryptoback™ is one of our most popular features, and we’re so proud to have been the world’s first company to offer a cryptocurrency rewards scheme. The programme automatically rewards customers up to 2% back in WXT, our native token, for using their crypto-enabled debit card in-store or online.
We issued our claim for trade mark infringement in September 2019 after discovering that the defendants were using the Cryptoback™ name in conjunction with a cryptocurrency rewards scheme. After a High Court trial in January this year, His Honour Judge Hacon found that our Cryptoback™ trademark was valid and infringed by the defendants, and all of their counterclaims (including to invalidate the Cryptoback™ trade mark) were dismissed.
What does this mean for us?
The news comes at a significant time for us, as we’ve just released a product overhaul, including our upgraded X-tras rewards programme. Building on the success of the crypto-rewards scheme and rewarding loyal customers, it offers enhanced Cryptoback™ rewards and up to 12% annual Savings Bonus on users WXT balance*. Last week, we also announced our brand new crypto-enabled and multicurrency Mastercard debit card in the UK and EEA regions, with real-time point-of-sale conversion, exclusive interbank and OTC exchange rates, free international ATM withdrawals, zero monthly fees and free fiat-to-fiat exchanges. If you want to know more about these new features, you can check out the details here.
Dominique Simon, Global General Counsel at Wirex remarked, “We are delighted that the Court has found in our favour after a long and hard-fought battle against these infringers. We would like to thank our legal team, Andrew Norris QC (Hogarth Chambers) and Brown Rudnick LLP, for all of their fantastic work in helping to deliver this outcome. We look forward to developing and expanding our Cryptoback™ program in the UK and worldwide, along with other exciting innovations.”
You can read the full judgement here.