Facebook In Trouble? Libra, An Insurance Firm Claims Ownership Over The Libra Trademark
An insurance company from Israel, called Libra, has sent a notice to Facebook’s about its recently announced Libra cryptocurrency over trademark issues. The insurer claims that it owns all the rights of the “Libra” trademark.
Facebook’s Libra Put Against Trademark Challenges
Earlier in June, social media mogul Facebook announced its Libra cryptocurrency which was perhaps one of the most anticipated events among the community.
Two short weeks later, however, Facebook is already facing legislative challenges as an Israeli insurance company claims that it’s the owner of all rights associated with the “Libra” trademark.
According to a report of a local media, Libra is a digital insurance company which appeared on the market more than a year ago and was founded by Eti Eliashkov. Commenting on the matter, the firm said in a statement:
One of the innovations that Libra brought was the creation of a digital currency, Libra, which was accumulated in a digital wallet that the company creates for its policyholders. […] Libra owns all the rights over the trademark “Libra”. The trademark is the insurance company’s brand identity card.
As such, the company also outlines that any use of the Libra trademark would constitute a “flagrant violation of the intellectual property rights” belonging to the Israeli insurance company.
Facebook Retaliates
The report also notes that the Israeli insurance company has already sent a notice to Facebook through its lawyers Liad Whatstein and Co.
In response, Yoav Oestreicher, a legal representative of Facebook in Israel, said that the Libra trademark is owned by and it refers to the Facebook-controlled and non-profit based organization in Switzerland.
We have yet to see whether the Libra insurance company will pursue official legal actions. In any case, it’s a matter of serious interest as Facebook’s Libra has already created a serious hype throughout the entire cryptocurrency community and even beyond it.
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