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Facebook could face a lawsuit from London-based startup Diem over the use of the name 'Diem', according to a report from business outlet Sifted published on Dec. 7.
- Diem, also a fintech company, told the outlet that it was prepared to sue Facebook over the brand name
- Reuters reported that Facebook would be rebranding Libra as Diem on Dec. 1, which “signals the project’s growing maturity and independence”
- Founder and CEO of Diem, Geri Cupi, told Sifted that the team was “flabbergasted” to hear about Facebook’s rebranding; legal experts have told the company to protect the brand
- Diem will begin its opposition to Facebook’s use of the name by sending a cease and desist letter
- Facebook also faces obstacles in the form of regulation, which forced a change in the fundamental design of the stablecoin
- Lawmakers from different countries are concerned that the stablecoin would interfere with their sovereignty; consequently, G20 nations have decided to form a framework for global stablecoin use
- Facebook is also facing a lawsuit over the crypto ad ban it instituted in 2018
