Intercurrency Software Accuses HTX Crypto Exchange of Infringing Multi-Currency Trading Patents

News | February 23, 2024 By:

On Tuesday, February 20, 2024, Intercurrency Software LLC filed a patent infringement lawsuit against cryptocurrency exchange Huobi Global Limited, also known as HTX, and its parent company About Capital Management (HK) Co., Limited. The lawsuit was filed in the United States District Court for the Eastern District of Texas, Marshall Division.

Intercurrency Software alleges that HTX and About Capital infringe three of its patents related to conducting financial transactions across multiple currencies and exchanges. The patents-in-suit are U.S. Patent 10,062,107, U.S. Patent 10,776,863, and U.S. Patent 11,449,930. Intercurrency Software owns these patents by assignment and has the sole right to assert them against alleged infringers.

The complaint accuses HTX of directly infringing the patents through its online cryptocurrency trading platforms and systems. HTX operates a global cryptocurrency exchange accessible via websites and mobile apps. The exchange allows customers to trade digital assets and convert prices and balances between different fiat and cryptocurrencies. Intercurrency Software claims these multi-currency, multi-exchange trading functions performed by HTX’s platforms practice all elements of at least the representative claims of the patents-in-suit.

Intercurrency Software further alleges that HTX directly uses the accused platforms for testing, compliance activities, and in offering its infringing services for sale. The complaint also contends that HTX’s parent company About Capital indirectly infringes the patents by directing or controlling HTX’s infringing activities. Intercurrency Software is seeking damages for ongoing infringement dating back at least six years before the complaint was filed.

The patents-in-suit relate to inventions for conducting security transactions across multiple exchanges and currencies without uncertainty from exchange rate fluctuations. They claim priority to at least April 2007 and were examined in classification fields pertinent to financial trading technologies. Intercurrency Software argues the patented methods were unconventional at the time of filing and presented technological improvements over prior art systems.

HTX has been put on notice of the patents but is alleged to now willfully infringe through continued marketing and use of the accused platforms. Intercurrency Software is asking the court to declare infringement, award damages including a possible tripling of damages for willful infringement, and grant further relief.

Please contact BlockTribune for access to a copy of this filing.