Facebook’s
cryptocurrency project named Libra has hit another roadblock as Current, a
mobile banking app, has sued its Calibra subsidiary for Trademark
Infringement over the similarity of logos.
According to the
complaint submitted on 10th October 2019 in the US District Court for the
Southern District of New York, Current alleges that Calibra’s logo isn’t just
confusingly similar but also virtually identical to its mark.
Current while claiming
to have registered its logo with the U.S Patent and Trademark Office (USPTO),
said that it had sent a letter to the Facebook subsidiary on 23rd July 2019,
but received no response. As per the lawsuit, Current received the response
from Facebook stating that it is looking into the matter, on 12th August 2019,
after sending another letter on 2nd August 2019.
Current continued that
communications over telephone calls and emails relating to discussions
regarding a mutually acceptable solution of the matter had not been fruitful,
and it has received no evidence or response suggesting Calibra will consider
its demand to cease using the infringed mark. That’s why the firm is looking
for preliminary and permanent injunctive and monetary reliefs. Being
confusingly similar and virtually identical to Current’s mark, Calibra’s logo
is causing irreparable harm to its reputation, market, and goodwill. Besides, as
the advertising, marketing, and promotion in regards to both parties are made
through the same marketing channels, including websites and social media
platforms, the infringed mark is likely to create confusion and deception,
Current added.
Current claimed that
the San Francisco branding firm, which had designed both logos, failed to
inform Calibra about providing them with a logo whose design is similar to the
logo that it had previously provided to Current. The company further notified
that Facebook, which adopted the mark in June 2018 with ideas to launch Calibra
digital wallet, has obtained substantial press coverage since then.
Facebook’s Calibra,
which drives the giant’s plans to launch a cryptocurrency named Libra, has been
facing many headwinds. Last week, PayPal proclaimed its decision to abandon
further participation in the Libra Association, a non-profit foundation led by
Facebook in Geneva. Soon after, Visa, Mastercard, Stripe, and eBay followed the
particular suit, as stated by several media reports.
David Marcus – head of
Calibra took the exits in his walk, thanking Mastercard and Visa on Twitter. He
then, in a separate tweet, has revealed that the current setbacks may not be a
precise read of Libra’s fate.
Marcus explained that
obviously, it isn’t great news in the short term, but on the way, it’s
releasing. Besides, for more expected to come very soon, stay tuned. Change of
the present magnitude is hard when one knows that he/she is on to something
where so much pressure builds up, David added.
Facebook revealed some
details about Calibra saying that the goal of this Facebook subsidiary, which
is formed in June this year, is to provide financial services, by using the
Libra Blockchain. The wallet will enable users to send Libra to anyone they
want, just like they might send text messages with their smartphones. The first
product that Calibra intends to come up with is a digital wallet for Libra,
which would soon be available in WhatsApp, Messenger, and as a standalone app.
The social media giant
has faced stern distrust and resistance from regulators and many others, thus
prompting David Marcus to stress that Facebook will not proffer the Libra
digital currency until and unless it has comprehensively addressed regulatory
concerns and obtained appropriate approvals. For view-source: https://www.kashishipr.com/blog/facebooks-calibra-sued-for-trademark-infringement-over-identical-logo/
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