A Company called BitVault is Suing Gems for Trademark Infringement
Since our post mid-February, a company called BitVault has sued Gems for trademark infringement and has filed a motion for a preliminary injunction seeking to prevent us from using the “Gems” name. We believe BitVault’s claims lack merit and intend to vigorously defend ourselves against the lawsuit and the injunction. Indeed, yesterday our legal counsel sought immediate discovery to move towards a speedy resolution of the matter in order to minimize this distraction to Gems. In the meantime, we are delaying the issuance of additional GEM tokens.
Gems’ focus is and always has been realizing the full potential of the Gems network. The team has been hard at work, and we are very excited to share our updates with you when we have more leeway. As soon as we can, we are looking forward to updating the community regarding:
Our monthly engineering recap
New team members
Additional Gems Partners
How to get your first GEMs
We do however need more patience and more time. Unfortunately, we cannot give a definitive date in light of the pending litigation. We would like to dive into further details of why this update is delayed, but simply cannot. We can’t say enough how much this delay has hurt us. We want nothing more than to share with you everything going on.
For all those who have been patient, thank you. Your support is all the more crucial as we face this hurdle, which we are determined to overcome.