Intercurrency Software Sues Crypto Exchange Phemex for Patent Infringement

News | June 5, 2024 By:

On Thursday, May 23, 2024, Intercurrency Software filed a patent infringement lawsuit against Phemex Limited in the U.S. District Court for the Eastern District of Texas.

Intercurrency Software, a software development company based in Frisco, Texas, holds several patents related to conducting financial transactions involving different currencies. In the complaint, Intercurrency alleged that Phemex, a Singapore-based cryptocurrency exchange, has infringed on three of its patents – U.S. Patent 10,062,107, U.S. Patent 10,776,863, and U.S. Patent 11,449,930.

All three patents describe systems and methods for allowing traders or investors to conduct transactions involving assets, such as securities, using their preferred currency regardless of the currency the asset is traded in on its primary market. This provides traders certainty about potential profits or losses when multiple currencies are involved. Intercurrency claimed the accused Phemex platform provides similar functionality by allowing users to buy and sell cryptocurrencies while seeing prices and balances in their chosen fiat currency.

Phemex operates a cryptocurrency exchange that provides spot, derivatives, and futures trading of digital assets. Intercurrency argued that by offering these services, Phemex is directly infringing the patented methods and systems.

If infringement is found, Intercurrency will be seeking monetary damages. The lawsuit states that as the original patent filings date back to 2007, damages may be calculated from at least six years prior to the filing of this suit.

The underlying patents were thoroughly examined by the US Patent Office, with examiners searching relevant areas involving financial trading systems, stock and foreign exchange, and digital currency. Intercurrency claimed the patented inventions were novel and not obvious to those skilled in the art at the time.

It will now be for the court to evaluate whether Phemex’s platforms do indeed incorporate the patented technology. The outcome could have implications for other cryptocurrency businesses globally.

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