U.S. supermarket chain and popular retail brand Trader Joe’s has taken legal action against an Arizona-based cryptocurrency project after it started using the “Trader Joe’s” name in its promotional materials.
The popular but privately-owned grocery store chain said it became aware of the crypto project last week when it started using the name in its promotional efforts. In its legal complaint against the project, filed in an Arizona federal court on Monday, the company argues that it is using the Trader Joe’s name “in a manner to purposely create confusion and deceive customers for their own financial gain.”
The project, which is based in Arizona, claims that it is building a “peer-to-peer network powered by blockchain technology” that will help traders buy, sell, and trade cryptocurrency.
In its complaint, Trader Joe’s expressed concern that the crypto project could lead its customers to believe that the company itself is promoting or endorsing the project – something the company wants to make clear is not the case.
In response, the crypto project has denied any wrongdoing and said it will vigorously defend itself against the allegations. It also said that it respected Trader Joe’s rights to its Intellectual Property.