HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Facebook’s Crypto Project Could Face Another Lawsuit Over Copyright Infringement

Crypto 2020/12/09 12:40 by Erie Maxwell
Facebook’s Crypto Project Could Face Another Lawsuit Over Copyright Infringement

Facebook has come under fire for copyright infringement after renaming its Libra cryptocurrency project last week.

Libra was changed to Diem in a release by the Diem Association, formerly known as the Libra Association. However, a London Fintech company, also named Diem, is now threatening to take legal steps against Facebook for copying its name.

Geri Cupi, the founder and CEO of Diem, a finance app, expressed his shock after the Libra Association renamed itself to Diem. He noted that his startup, although small, is concerned that customers’ confusion “resulting from Libra’s actions will significantly impact” their growth. 

One of Diem’s sponsors, Chris Aldesbach, an influential tech investor, has also disclosed that the startup is in a hot debate on whether to take legal action.

“We thought, ‘do we concede and just say ‘we’re a small company,’ or do we fight for what’s right,” he said.

Aldesbach added that they will take legal advice to protect the company’s name. He noted that Facebook is undoubtedly aware of another Diem but may want to use its influence and overpower them.

On the 1st of December, the Libra Association in a release announced its new name, Diem in preparation for the upcoming launch in January 2021. This was done alongside the appointment of new management staff to distance the project and the association from intense regulatory pressure and criticism it has been facing. However, it seems the renaming is another mistake that can halt the progress of the project.

Diem is a London-based financial tech innovation app that serves as a virtual marketplace and digital pawnbroker. Since its soft-launch in October, Diem boasts of several millions of users and close to 500,000 media followers. 

The platform allows users to sell their goods and possessions instantly. The app gives users access to a DIEM debit card and account, a feature known as the “Bank of Things.”

The Libra project has been facing significant intense setbacks since its introduction. The project which is currently waiting for approval from the Swiss regulators may face another roadblock if the legal prosecution finally goes through. 

This is not the first lawsuit against Facebook’s crypto project. Before it was renamed, Libra Association faced legal actions for trademark infringement after copying a Fintech company’s logo. Also, Calibra faced lawsuits for changing its name to Novi.

0 Like(s)



You should also read...

Crypto 14/07/20 18:16 by Olivia Brooke
PayPal Confirms ‘Crypto Capabilities’ Development Already In Motion
The buzz about PayPal integrating its platform with cryptocurrency dates back to June when a “well-placed industry source” told Coindesk that the payment platform will allow new and alrea...
Read More
Crypto 21/09/20 09:09 by Brenda Ngari
Crypto Venture Capital Firm Blockchain Capital Becomes A Member Of Facebook’s Libra Association
Facebook-led Libra Association has added venture capital firm Blockchain Capital to its ranks. In a blog post on September 18, the Geneva-based consortium revealed that Blockchain Capital will be ...
Read More
Crypto 27/11/20 14:38 by Brenda Ngari
Facebook’s Libra To Go Live As Early As January 2021 As A Dollar-Backed Stablecoin
Despite Facebook’s various obstacles, the social media giant is set to finally launch its digital currency. According to reports, the much-anticipated Libra currency might launch as soon as January...
Read More
Other 02/12/20 11:31 by Jide Idowu
Libra Rebrands to Diem; Plans to Launch Early 2021
Facebook-led Libra Association announced December 1, 2020, that it was changing its name to Diem. This is as it stays on course to launch a dollar-backed stablecoin in early 2021. This is coming afte...
Read More
Other 15/07/21 12:09 by NewsBTC
How Pontem Network Aims To Unlock Facebook’s Diem Full Potential
There are many initiatives in the blockchain industry that can complement one another rather than serve as competition. For example, the much anticipated Facebook-backed Diem blockchain is a project g...
Read More