tech2 News StaffJun 21, 2019 17:38:20 IST
It hasn't been long since Facebook launched its own digital wallet Calibra that will be used to exchange the cryptocurrency, Libra. Libra has been developed by the social media giant but it will be handled by a consortium 28 companies including Facebook. However, the company already is in trouble regarding its logo. An online bank named Current has accused Calibra of "ripping off" their logo for the newly announced digital wallet.
As per a CNBC interview, the owner of "Current", Stuart Sopp, said that he hired a San Francisco based design firm, Character, to create a logo for his company back in 2016. Turns out that a post on Linkedin by Ben Pham, creative director at Character, confirmed that Character secretly worked with Facebook on this cryptocurrency project. The post has been taken down now.
(Also Read: Facebook is planning to launch ‘Globalcoin’, its own cryptocurrency, in 2020)
this is what happens when you only have 1 crayon left pic.twitter.com/2JY5JfesQD
— Current (@current) June 19, 2019
"This is a funny way to try and create trust in a new global financial system –by ripping off another fintech firm,” Sopp said in a phone interview. “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.” CNBC reported.
He further said that they spent six months to come up with the logo and Facebook just took it without changing much. He said that Facebook should have put more effort to come up with its own logo.
Sopp also confirmed in the CNBC report that Current is now consulting a law firm Goodwin Procter, to determine if it had a trademark or patent infringement case.
The uncanny resemblance of Libra is difficult to ignore here and association of the common design firm with both Facebook and Current doesn't paint a good picture. It has already raised privacy concerns and US politicians have already asked the company to pause the project.
(Also Read: Facebook Libra: here's how it could impact the Indian regulatory stance on cryptocurrencies)
(Also Read: Facebook's unveiling of Libra cryptocurrency brings attention to 'stablecoins')
(Also Read: Calibra: hours after launch, US politicians ask Facebook to pause cryptocurrency project)
(Also Read: Facebook's cryptocurrency project raises privacy concerns, asked to halt program)
(Also Read: Facebook Libra cryptocurrency project to be scrutinised by US senate on 16 July)
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