An Israeli insurance company is considering taking social media giant Facebook to court over its nascent cryptocurrency, Libra.
The insurer, which is also called Libra, is asking Facebook to refrain from using the brand name Libra in Israel.
According to local news outlets, Libra, the insurer, has sent a notice to Facebook via its lawyers, Liad Whatstein and Co.
The legal firm, which specializes in trademarking and patent laws, told the social media company that if it does not refrain from using the Libra trademark in Israel, it will face a lawsuit.
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Libra – insurer and crypto issuer
Founded just over a year ago by businesswoman Eti Eliashkov, Libra is a digital insurance company.
One of its key features is a digital currency, also called Libra, that policyholders on the website can use and store in an online wallet.
“Libra [the insurance company] is the holder of all rights to the ‘Libra’ trademark,” the firm said in a statement. “The trademark is the brand identity of the insurance company.”
The insurer’s lawyers added that Facebook’s use of its trademark in Israel would “constitute a flagrant violation of the intellectual property rights of the Libra insurance company” and that it would “create total chaos” in the Middle Eastern country.
Yoav Oestreicher, Facebook’s legal representative in Israel, responded to the claims, saying that the Libra trademark is owned by and refers to the Facebook-controlled non-profit based in Switzerland of the same name.