An Israeli insurance company is considering taking social media giant Facebook to court over its nascent cryptocurrency, Libra.
The insurer, which is also called Libra, is asking Facebook to refrain from using the brand name Libra in Israel.
According to local news outlets, Libra, the insurer, has sent a notice to Facebook via its lawyers, Liad Whatstein and Co.
The legal firm, which specializes in trademarking and patent laws, told the social media company that if it does not refrain from using the Libra trademark in Israel, it will face a lawsuit.
Libra – insurer and crypto issuer
Founded just over a year ago by businesswoman Eti Eliashkov, Libra is a digital insurance company.
One of its key features is a digital currency, also called Libra, that policyholders on the website can use and store in an online wallet.
“Libra [the insurance company] is the holder of all rights to the ‘Libra’ trademark,” the firm said in a statement. “The trademark is the brand identity of the insurance company.”
The insurer’s lawyers added that Facebook’s use of its trademark in Israel would “constitute a flagrant violation of the intellectual property rights of the Libra insurance company” and that it would “create total chaos” in the Middle Eastern country.
According to the report, the Israeli insurance company already notified Facebook via its legal representative Liad Whatstein and Co. they also stated if the company does not comply with the demand in the following few days, they will file a lawsuit against Facebook.
The legal representative of Facebook in Israel, Yoav Oestreicher, responded to these claims that the Libra trademark property and refers to the Libra Association, which is a Facebook-owned organization based in Switzerland.
Whether the Libra insurance company will sue Facebook over the trademark remains to be seen. If the company should win the case, then Facebook would face a major problem, as most of the community already associates the hyped crypto with the name Libra. But this wouldn’t be the first time Zuckerberg appropriated something; just ask the Winklevoss twins.
(Photo: orelbit via YouTube)