The Insurance firm has already sent a notice to Facebook against using its brand name via its legal representative Liad Whatstein and Co. The legal firm specializes in trademarking and patent laws. In the notice, they have threatened to take Facebook to the court if they won’t stop using their trademarked name of Libra.
Libra Insurance firm is just an year old and it was founded by the businesswoman Eti Eliashkov. The insurance firm mostly deals with digital insurances. The firm also released an official statement saying,
“Libra [the insurance company] is the holder of all rights to the ‘Libra’ trademark. The trademark is the brand identity of the insurance company.”
The lawyers also went on to add that if the social media giants won’t refrain from using their trademarked name, it would lead to serious:
“flagrant violation of the intellectual property rights of the Libra insurance company”
Facebook’s Reply To The legal Notice
Yoav Oestreicher is the legal representative for Facebook in Israel, in its reply to the legal notice sent out by the Insurance firm Oestreicher says, the name Libra has been registered as a Facebook-controlled non-profit in Switzerland for the same name.
It would be interesting to see whether the insurance firm continues with their legal advisory and sue Facebook for using their brand name or Facebook being the mighty powerful get their way out of this trouble as well.
Facebook is controversy’s favorite child and its nascent crypto project has been at the receiving end of many critiques mainly due to Facebook's shady past in handling data and privacy of its users. The crypto project was under the scrutiny from the beginning, where first it was questioned how Facebook would keep itself away from its own decentralized project.
The next controversy came in the form of the name itself where it was accused of copying the name from Zuckerberg's former colleagues and Bitcoin billionaires Winklevoss twins whose crypto exchange is called Gemini.