- Tram Ho
Financial services company Finco Services in Delaware has sued Facebook for stealing the copyright of the swirl logo for the Libra cryptocurrency project in a court in New York. The company is also suing its former designer for making the logo for Facebook, for reusing the design.
Finco Services alleges trademark infringement, unfair competition and misrepresentation of origin against Facebook over the use of the backslash logo. It is known that this company provides online banking services through a mobile application, business under the name Current. In 2016, they paid for a company called Character SF to design a logo for the brand it registered with the US Patent and Trademark Office (US Patent and Trademark Office).
It is not difficult to see the similarities between the two logos
This registration covers a number of business activities, specifically related to a mobile payment application used for cryptocurrency-based transactions. The problem arose when Facebook also turned to Character SF to design the logo for the cryptocurrency Libra. As a result, the designs with tilde shapes that Facebook receives are almost identical to the logos used by Finco for the Curent application and debit card.
This logo is used by Current on debit cards
The company’s CEO has accused Facebook of not only copying its logo design but also stealing its corporate model. “So this is a funny way to try and build trust in a new global financial system – by stealing ideas from another fintech company,” said Stuart Sopp, CEO of Current. Sopp has a lot of evidence to blame for this case, according to him, a big company like Facebook should “research” the development project, before breaching other ideas. Facebook has all the money and resources in the world. If they really want to make their digital currencies more comprehensive and fair, they should come up with their own ideas and brands, just like we are doing. ”
As previously reported, 4 more members have decided to leave the Libra Association and Facebook-led stablecoin project due to concerns that Libra’s launch effort will affect the relationship of companies. this with the regulators. The move comes just a week after online payment giant PayPal officially announced its withdrawal from Facebook’s Libra project.
Facebook CEO Mark Zuckerberg will also testify before Congress on October 23, in connection with the company’s intention for the Libra currency.
Source : ICTnews