Diem Group Limited, a UK-based fintech, has expressed concern that The Libra Foundation, a consortium of Facebook, is rebranding to The Diem Association. Diem Group limited, trading as DIEM, is afraid that the move by Facebook might cause confusion among its customers and partners.
Diem is offering instant selling of consumer goods similar to a digital pawnshop. The startup offers a Diem debit card and is marketing its services as the ‘Bank of Things’.
Geri Cupi, Founder and CEO of DIEM, commented, “We were flabbergasted on 1st December to find that Facebook’s Libra Foundation had chosen to rebrand to Diem. We are in the process of considering our legal options, but we find it surprising, given previous alleged trademark infringements and lawsuits surrounding this project, that the Foundation seemingly made the same mistake again.”
“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 including garnering nearly half a million followers on Instagram, a platform owned by Facebook. As a small start-up we are concerned that customer confusion resulting from Libra’s actions will significantly impact our growth,” Cupi continued.
Meanwhile, the Diem Association, is planning to launch its digital currency as soon as January 2021.