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An Israeli-based insurance company called Libra has notified Facebook regarding its recently launched Libra cryptocurrency, as the former company claims ownership of the “Libra” trademark.

Facebook’s Libra Trademark Disputed

This month, Facebook launched its much-awaited Libra cryptocurrency, stirring a huge amount of excitement and negative reactions from crypto users and regulators alike.

But just two weeks later, Facebook’s Libra is being legally challenged by an Israeli insurance company which claims to have all the rights associated with the “Libra” trademark.

Libra is a digital insurance company which was established over a year ago by Eti Eliashkov. Regarding the trademark issue, the Israeli firm commented:

“One of the innovations that Libra brought was the creation of a digital currency, Libra, which was accumulated in a digital wallet that the company creates for its policyholders. […] Libra owns all the rights over the trademark “Libra”. The trademark is the insurance company’s brand identity card.”

The firm explained that other entities using the Libra trademark would be regarded as a “flagrant violation of the intellectual property rights” which are owned by the Libra insurance company.

Facebook’s Response

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.

Featured image: pymnts.com

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