Calibra and Libra
Calibra is the new digital wallet from Facebook for their entry into the cryptocurrency market. Facebook’s new digital currency, called Libra, is built on a secure, scalable and reliable blockchain allowing users to access multiple financial services. Making money that more accessible, no matter where you are in the world you can send and receive money and Libra will exchange this into local currencies. Libra is mobile, stable and fast, making cash digital and mobile as you are. Calibra allows you to combine Libra with your favourite apps, making it easy to send, add and withdraw money in just a few clicks.
Nonetheless, Calibra has not been built yet and isn’t due to be launched until 2020. However, before they are even up and running they are already being sued by an existing mobile banking company, called Current, who is claiming that Facebook copied their company’s logo.
Who are Current?
Current is another mobile banking app that allows users to bank faster and easier, whether this is in family life, allowing families to set up banking for their teens setting them up for success, or in your work life, allowing you to get your paycheck two days faster than your existing bank.
The controversy surrounding the logo
Earlier this year Current tweeted a side by side comparison with the caption “this is what happens when you only have 1 crayon left”, which left users amid this corporate mess.
One user left a tweet writing ”Ctrl c + Ctrl v, colour overlay and extra-thick stroke and distort the wave a bit fill it. Good work. steal with pride”.
Another user left this tweet hitting the nail on the head.
Addressing the similarities
Now, it is clear that both the logos look similar and it’s also hard to clarify if Facebook deliberately copied Current’s logo. However, this is where it gets a lot more interesting. Allegedly, both logos were designed by the same San Francisco design firm, Character.
Currents CEO, Stuart Sopp said to CNBC: “We put six months of hard work into this with that design firm, which they basically reused for Facebook without changing much.
Court documents filed earlier this month also confirm that both the logos were designed by the same design firm.
Current filed an application for its logo on June 26, 2019, eight days after Facebook unveiled the Libra project and branding.
Not the only hurdle for Facebook
In addition to all of this, this lawsuit is just another obstacle for Facebook to tackle. With huge corporations such as eBay, Visa and Mastercard pulling out of Facebook’s Libra currency project. It seems like this project could be over before it’s even started. Earlier this week PayPal and Booking Holdings, the firm behind booking.com has also dropped out ahead of The Libra Associations first board meeting to be held on Monday.
There are still 21 members on board of the project and some names include, Music streaming service Spotify and Ridesharing firms Uber and Lyft. the Libra Executive tweeted, thanking Visa and Mastercard for “sticking out until the 11th hour”.
Will Libra ever launch?
In addition, France and Germany have argued that Libra should be banned from the European Union, while the US and UK are asking for more information about Libra’s stability and its privacy implications before any decisions are made.
What are your thoughts on Facebook’s Libra project and branding?
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