News -
Did Facebook copy its Libra logo from a fintech startup?
Two companies that engaged the same design company has resulted in one company accusing the newer one of stealing its logo.
Current, an online banking startup, has accused Facebook's new subsidiary, Calibra, of ripping off its logo for the social network's new cryptocurrency, Libra.
The smaller company took to Twitter to complain about Calibra's alleged rip-off of its logo, with a comparison of the two logos and a caption that read: "This is what happens when you only have one crayon left."
This is a reference to Libra's logo which sports only one colour compared to Current's multi-coloured logo.The logo for both companies seem to based around the same concept of a tilde, or a “~” symbol.
“This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm,” Current CEO Stuart Sopp was quoted as saying by CNBC.
He 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."
As if by coincidence, both the companies hired the same design firm to create the logo. Character, a design firm based in San Francisco, worked with Sopp on the logo for six months. Current's logo is meant to "capture the importance of movement – of both money and people – by representing a wave," Sopp said to CNBC.
Current applied for trademarks for its logo in 2016, which are pending. It has reportedly hired the law firm Goodwin Procter to check whether there has been a trademark infringement.
Calibra is a digital wallet introduced by Facebook to store and spend Libra, the new cryptocurrency Facebook hopes will someday be the coin of an alternate financial system.
Current is a fintech startup that first launched in 2017 with an app-controlled debit card designed for parents to control the spending of their children.
The other two parties in this issue - Facebook and Character - have not commented on this issue despite being contacted by media outlets. But it is looking increasingly unlikely any party will move forward legally with this issue.
We contacted Character for comment on the issue but they did not respond.
