Facebook’s Libra Faces Further Setbacks – Get into New Lawsuits
Last week has been bad for Facebook’s Libra. Firstly, firms, including Paypal and Mastercard, moved out of Facebook’s cryptocurrency project, and now it has faced another setback. One of the mobile banking applications has sued Facebook on using similar logos.
According to the lawsuit filed by the banking application company Current, Calibra’s logo “is not only confusingly similar to but virtually identical to the Current Marks.” The logos for both was designed by a firm from San Francisco Character and also has been used in the lawsuit as a defendant. However, it is still unclear on the confusion since Current had applied for its logo a few days after Calibra was introduced i.e., on June 26th. The CEO of Current, Stuart Sopp at the time said, “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, as we have,”
However, Facebook’s Libra is still very optimistic with their project, and the inaugural meeting was held today at Geneva, Switzerland by the Libra Association. Even though few of the firms that included booking.com, priceline.com, agoda.com and Kayak further withdrew from the Facebook’s Libra project, the head of the policy and communications at Libra, Dante Disparte said to Reuters that the recent happenings and withdrawals from the firms are “a correction; it’s not a setback” and further said that the Libra could face further delays from the regulators as they continue to scrutinise.
Further, the CEO of Facebook, Mark Zuckerberg will be testified at a hearing held by the House of Representatives Financial Services Committee titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”