San Francisco: Facebook’s Libra cryptocurrency project has hit another roadblock, as a mobile banking app has sued its Calibra subsidiary over similar logos.
Interestingly, both the logos were designed by San Francisco-based branding firm ‘Character’, which has also been named as a defendant in the lawsuit.
According to the lawsuit filed by a mobile banking firm named Current, Calibra’s logo “is not only confusingly similar to, but virtually identical to the Current Marks”.
It’s still unclear how it happened, but Current had filed an application for its logo on June 26, a few days after Calibra was unveiled, Engadget reported on Sunday quoting CoinDesk.
Calibra was introduced as the division that would oversee Facebook’s cryptocurrency plans, including the development of a digital wallet.
Meanwhile, several companies such as Visa, Mastercard and eBay pulled out of the Libra cryptocurrency project ahead of their first meeting in Geneva on October 14.
PayPal was the first to announce its withdrawal from the Libra Association, the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital currency Libra in 2020.