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Close Politicians Are Spooked by Facebook’s Libra cryptocurrency.Here’s Why
Facebook’s plan to release its own currency, called Libra, has sparked a range of concerns among politicians.WSJ’s Paul Vigna explains.Photo: Andrew Harrer/Bloomberg News
Banking Facebook sued by Current bank over lookalike Calibra emblem amid Libra woes Alexis Carey 15, 2019 1:18pm
A banking start-up that claimed Facebook “ripped off” its logo is now suing the social media behemoth over the alleged trademark infringement.
The stoush is centred around the design for Calibra, which is overseeing Facebook’s landmark digital currency, Libra, which was first announced back in June.
But soon after, mobile banking app Current — whose logo bears a striking resemblance to Calibra’s — started making waves.
The mobile banking app posted a comparison of the two logos that month with the snarky caption: “this is what happens when you only have 1 crayon left”.
And in an interview with CNBC at the time, CEO Stuart Sopp also took a shot at Facebook.
“This is a funny way to try and create trust in a new global financial system — by ripping off another fintech firm,” he told the organisation.
“Facebook has all the money and resources in the world.If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have.”
media_camera Spot the difference … Picture: Twitter/@current
Scores of social media users have also mocked Facebook over the potential trademark breach since the story broke.
“What a great start for a new financial institution, IP theft, well done,” one Twitter user wrote, while another posted: “It’s your lucky day! BIG CHEQUE COMING.Wish they infringed on one of my trademarks …”
“Just when you thought (Facebook) could sink no lower …#stayclassy,” another user added.
It turns out both companies hired a branding firm called Character to design their emblems — three years apart — which Current described as “not only confusingly similar to but virtually identical” in legal documents filed last week.
Those documents reveal Current is seeking a preliminary injunction and monetary damages, although it is not yet known how hefty Facebook’s penalty could be if the bank’s challenge is successful.
In an interview with CoinDesk , intellectual property expert Howard Shire said the clear similarity between the two designs was odd.
“It is suspicious that the defendant’s logo came out of the same firm that created the plaintiff’s logo,” Mr Shire told the publication.
However, it’s just the latest setback for Libra, which is slated to launch next year.
A few months ago, a slew of big-name companies pledged their support for the Libra project — but since then, many have suddenly backtracked.
Companies that have already walked away from Libra so far include Paypal, eBay, Visa and Mastercard.
Yesterday, travel company Booking Holdings — which owns Booking.com and other online businesses — also withdrew its backing.
At the moment, 21 members remain, and they have vowed to push ahead with the planned June 2020 launch.
“It is a correction; it’s not a setback,” Libra Association’s head of policy and communications Dante Disparte told Reuters following the inaugural meeting in Geneva recently.
The departure of those major backers follow grim warnings from both politicians and regulators from across the globe who argued Libra could potentially affect global financial stability, abuse the privacy of clients and aid money laundering.
Big problem with ‘suspicious’ Facebook logo
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