Start-up DIEM threatens Facebook with legal action

A London FinTech start-up wants to stand up to the planned Facebook Coin Diem (formerly: Libra): It claims the name DIEM for itself.

But the decision to rename Libra to Diem was apparently made over a year ago

The fact that Facebook has to take into account many legal pitfalls with its planned cryptocurrency is made clear by the increasingly louder concerns of finance ministers, central banks and regulatory authorities . Now the Facebook Coin, which has long operated under the name Libra, could also face trademark consequences. The reason lies in the recently adopted rebranding where Libra in „Diem“ rechristened was. The problem: the name is already taken.

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A FinTech start-up from London claims the name. This is reported by the FinTech news portal Sifted. There, Geri Cupi, co-founder and CEO of the start-up founded in 2020, is indignant:

We were amazed on December 1st to find out that Facebook’s Libra Foundation had decided to rename their brand to Diem … As a small start-up, we are concerned that customer confusion resulting from Libra’s actions will significantly affect our growth. […],

lamentiertthe 27-year-old Albanian, who, as co-founder of the blockchain start-up MonoChain, has a place in the Forbes list 30 Under 30 (category Europe, retail / e-commerce).

The start-up describes itself as the „Bank of Things“ and is still in the early stages according to the corporate data portal Crunchbase. At the end of September, DIEM received an undisclosed amount of pre-seed funding from angel investor Chris Adelsbach. According to Sifted, there was a soft launch at the beginning of October.

Now DIEM is apparently worried that Facebook will take the name for itself and its stablecoin project. It would only have taken a short research to find out that there is already a financial service provider (in particular) with the name Diem, says financier Adelsbach:

It wouldn’t have taken that much effort for Facebook to figure out if there was another Diem in the financial services industry … They apparently thought „we’re just going to crush them, we’re Facebook“