Facebook could run into legal trouble after renaming its upcoming crypto project to Diem – a name already in use by a London fintech firm.
The financial app Diem is threatening to sue Facebook and its partners for copying names and informs the Sifted news agency that their lawyers are preparing measures.
The Libra Association, which is preparing to launch the digital currency, announced last Tuesday that it had renamed itself the Diem Association. This is intended to help the project deviate from its original format, which has already received evil looks from regulators.
In a statement, Geri Cupi, founder and CEO of Diem said: “We were surprised on December 1st to learn that Facebook’s Libra decided to rename Diem … action will have a huge impact on our growth.”
The Diem app enables consumers to sell their properties right away instead of waiting for people to bid on eBay and offers several types of digital deposit services. Users also get their own DIEM accounts and debit cards, creating what the company calls the “Bank of Things”.
Diem app is now available for Android and IOS
The company started in October and already has almost 500,000 followers on Instagram. It’s a pre-seed started by Cupi who started out with a blockchain company.
Diems other investors include Chris Adelsbach, one of the best-known fintech investors in Europe.
He told Sifted that the company was seriously debating whether to compete against a giant like Facebook. “We thought we could give in and we’re just a small business or we should fight for what’s right.”
Aldelsbach said legal experts advised them to protect the Diem brand.
“It won’t take Facebook long to find out if there is another Diem brand in the financial services space. They clearly believed that because we are Facebook, we can destroy anything. “
If the litigation continues, it will be the latest in a series of roadblocks to Facebook’s cryptocurrency project, which has seen dramatic downtime and delays in getting the business up and running.
It’s also not the first lawsuit the company has faced. Their payment unit, formerly Calibra, had to switch to Novi Financial for the same reason.
As for DIEM, your first step will be a letter requesting an injunction and de-branding. Where the battle goes will ultimately be a matter of what resources are to be tracked and whether Facebook will offer a comparison.
Zhang Fei
According to Sifted
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.
Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…
Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…
Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…
Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…
SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…
This website uses cookies.