Online Bank CEO Accuses Facebook of Copying Logo Design for Cryptocurrency Wallet

Facebook’s released the Whitepaper of its cryptocurrency, Libra on 18th June 2019. In less than 24 hours, it invited resistance from world Governments. And now, it faces a copyright issue on its logo. The CEO of the online banking firm, Current, has accused Facebook of not only copying its logo design but also stealing from the company model.

Also Read: Facebook Libra: Bank of England’s Governor Raising Eyebrows, Citing Highest Standards of Regulations

Stuart Sopp, the CEO of Current told the media,

“This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm,”

The Logo was designed for Current by a San Fransico based design firm, Character. The Directed of Character has further accused Facebook of copying from its secretive crypto project. He said on a LinkedIn,

Super proud and excited to see our identity for Facebook’s new digital currency launched. Check it out! A comprehensive case study coming soon. He also added in a comment, “Hi, Marc. We did both Libra and Calibra.”

Current’s Claims on Social Media (Source)

It is a cryptic and sarcastic comment; however, he claimed to release the facts of the case comprehensively soon. According to Sopp, he spent months working with Character to come with the ‘wave’ logo, which represents their vision. Sopp said,

“Facebook has all the money and resources in the world. If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have.”

Reportedly, Sopp has taken a lot of offense from the incident. According to him, a large company like Facebook should “do due diligence” before infringing on other’s ideas. Facebook has stirred the stock market space as well as it broke $190. It has gained about 5.5% since the beginning of the week.

Also Read: Libra/Globalcoin: Facebook Stock Price Target; eBay, Vodafone and Coinbase in List of Validators

Sopp also escalated the matters further by sending a message to the Winklevoss Twins, “Now I know how you guys felt.” He hinted at the lawsuit filed by Winklevoss Twins against Mark Zuckerberg for stealing from them for Facebook. The trial has been vividly explained in the book Accidental Billionaire and its movie The Social Network.

Current has engaged a law firm, Goodwin Procter, to pursue trademark or patent infringement rights against Facebook.

Do you think the copyright infringement stands or it is just a marketing stunt by a start-up? Please share your views with us. 

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