Fintech App Threatens to Sue Facebook and Friends Over Diem Name

Illustration for article titled Fintech App Threatens to Sue Facebook and Friends Over Diem Name
Photo: HALLDOR KOLBEINS (Getty Images)

Diem it! A London-based finance app called Diem is threatening to sue the Diem Association, the consortium in charge of what was once known as the Libra token.

Diem Group Ltd—not to be confused with the Diem Association—is considering suing the consortium over the use of the name. The small fintech company seems to believe that prior usage of the name is enough to withstand the onslaught of legal wrangling Facebook is liable to send their way.

The original Diem app soft-launched this October although it has not released a public product.

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“We are in the process of considering our legal options, but we find it surprising, given previously alleged trademark infringements and lawsuits surrounding this project, that the Foundation seemingly made the same mistake again,” said Diem Group Limited CEO Geri Cupi in a release.

The Libra Association rebranded as the Diem Association early this month partially in hopes of distancing itself from the negative connotations of the original product.

“Now transitioning to the name ‘Diem,’ which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world,” wrote the Diem Association in a release last week.

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The Diem Group aims to be the David in this cryptobible story, attacking lumbering Goliath to its last breath.

“Over the past 24 hours we have been working hard to respond to concerns from our customers and to avoid further confusion. We have invested significant resources in building a distinctive brand and associated partnerships, “ said Cupi. “As a small start-up we are concerned that customer confusion resulting from Libra’s actions will significantly impact our growth.”

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Cupi said his company is consulting with its lawyers. A request for contact went unanswered.

John Biggs is a writer from Ohio who lives in Brooklyn. He likes books, watches, and his dog. He is the Editor-in-Chief of Gizmodo. Signal: +16468270591 Telegram: @johnbiggs

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DISCUSSION

szielins
Stephan Zielinski

I fired up TESS and went looking for trademarks incorporating “Diem”. There are a lot of them. In particular, the Libra Association claims it for “online social networking services” in 90352081 filed December 1, 2020 (but with a priority date of July 13, 2020), while Diem Ai claims it for “on-line social networking services” in 88546762 filed July 29, 2019.

Looks like it’s basically three guys in a garage in Kansasbut still, a tech blogger could have some fun looking them up and asking if they’ve heard the news, hint hint.