Diem, a finance mobile application, is about to go in court against Facebook for copying its name for rebranding the Libra Association, Diem investor Chris Adelsbach told Sifted.
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Adelsbach says the social network did not even try to figure out if there is another Diem in the financial services industry.
"They obviously took the view that 'we can just crush them, we are Facebook,'" Diem CEO Geri Cupi said.
Cupi highlights the startup is concerned that customer confusion resulting from Libra’s actions will significantly impact its growth. Currently, Diem is awaiting a response from Facebook in the form of a termination and abstinence letter.
The startup did not specify which legal entity it intends to file a lawsuit against: London-based Facebook or Diem Association in Geneva. London-based startup Diem was launched in October 2020. The service allows users to instantly sell property online.
Meanwhile, Fabio Panetta, a European central bank board member, believes that Facebook’s upcoming digital currency might pose a threat to the future of money. According to Panetta, the impending revolution in payments requires watchdogs "to stand ready to reinvent sovereign money."
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