A mobile banking firm – Current has picked a Trademark Infringement battle against Facebook Inc. over the logo for its new digital wallet Calibra, with which the social media giant’s cryptocurrency project Libra has to deal with yet another issue.
Facebook introduced Calibra as the subsidiary that will oversee its cryptocurrency plans, including the development of a digital wallet.
According to the plaint submitted by Current in the US District Court for the Southern District of New York on 10th October 2019, Calibra’s logo is confusingly similar and virtually identical to the mark that the plaintiff began using in August 2016.
Now, where the case turns more interesting is the fact that the designer of both logos is San Francisco branding firm – Character, named as a defendant in the current lawsuit. The complaint revealed ‘the logo designing company hadn’t informed Calibra that the logo it was providing to them appears identical to the logo it had designed for Current to use for banking services.’
It is still unclear how all that happened, but Current has filed an application relating to its logo on June 26th, some days after Facebook unveiled Calibra.
Current’s CEO Stuart Sopp said that the similarities in both logos are since Facebook introduced Calibra. He added that his company had worked with Character for around six months to get the logo. Facebook has all resources and money in the world, and if it has truly wanted to turn banking services more inclusive and fair, it should have come up with its ideas and branding, like his team.
In its application for an injunction, Current said that all efforts like conversations through emails or over phone calls relating to a mutually acceptable resolution of the infringement matter had been unsuccessful. The plaintiff added that Facebook hadn’t responded to its letters objecting Calibra to use the infringing mark, thus compelling it to knock the door of the court to get preliminary and permanent injunctive and monetary reliefs. Appearing confusingly identical and virtually similar to Current’s logo, Calibra’s mark is resulting in irreparable damages to its reputation, goodwill, and market. Moreover, as the marketing channels that both companies use to advertise, market, and promote their services are the same, the infringed logo is likely to generate remarkable confusion and deception, Current explained.
Concerning such news, Facebook’s Libra Association, the non-profit foundation formed to oversee the cryptocurrency, has been losing founding members. Following PayPal’s exit earlier this month, Stripe and eBay have decided not to support the Libra project anymore. Visa and Mastercard have also pulled their support out of the project before their first meeting in Geneva on 14th October 2019.
Observing stern resistance from regulators and others, the head of Facebook’s Calibra – David Marcus stressed that the social media giant would not proffer the Libra cryptocurrency until it has fully obtained appropriate approvals and addressed regulatory concerns. For more visit: https://www.trademarkmaldives.com
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