Facebook Gets Legal Threat for Renaming Libra to Diem
- The fintech named Diem will send a cease and desist letter first to protect its brand name.
Facebook’s aim to launch a digital currency is looking at another roadblock as UK Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices. Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices. Read this Term Diem is considering to take the social media giant and its crypto partners to court over the recent rebranding of the crypto project, Sifted reported on Monday.
Previously known as Libra, the project was rebranded to Diem earlier this month, citing the new name ‘signals the project’s growing maturity and independence.’
UK-based fintech Diem is offering instant selling of consumer goods, similar to a digital pawnshop. Moreover, the startup offers a Diem debit card and marketing its services as the ‘Bank of Things’.
The fintech is yet to launch its full services, but it already had a soft launch in October.
Starting with 'Cease and Desist'
The report outlined that the nascent fintech had debated if it should move against Facebook and crypto partners. It has now decided to issue a cease and desist letter first. However, it is not clear if the startup would move against Facebook or the Geneva-based Diem Association.
“It wouldn’t have taken that much effort for Facebook to find out if there’s another Diem in financial services…They obviously took the view that ‘we can just crush them, we’re Facebook’,” Diem Investor, Chris Adelsbach told Sifted.
Following a global regulatory backlash, the Swiss non-profit, consisting of Facebook and other tech and payment companies, is distancing from initial plans with a rebranding approach. Earlier this year, the association rebranded its wallet Caliba to Novi.
Interestingly, another startup bank sued Facebook earlier over the similarity of Calibra-logo to its own.
2021 Launch in the Pipeline
Meanwhile, the Diem Association is now gearing up to launch its digital currency as soon as January 2021.
Though media reports were floating around the launch date, Facebook Financial CEO, David Marcus, recently confirmed the company’s plan to launch both the wallet and the cryptocurrency next year.
“I hope that we get to participate with…Novi and Diem and the big changes of 2021, pending regulatory approvals where we need to obtain them,” Marcus said at the Singapore FinTech Festival.
Facebook’s aim to launch a digital currency is looking at another roadblock as UK Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices. Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices. Read this Term Diem is considering to take the social media giant and its crypto partners to court over the recent rebranding of the crypto project, Sifted reported on Monday.
Previously known as Libra, the project was rebranded to Diem earlier this month, citing the new name ‘signals the project’s growing maturity and independence.’
UK-based fintech Diem is offering instant selling of consumer goods, similar to a digital pawnshop. Moreover, the startup offers a Diem debit card and marketing its services as the ‘Bank of Things’.
The fintech is yet to launch its full services, but it already had a soft launch in October.
Starting with 'Cease and Desist'
The report outlined that the nascent fintech had debated if it should move against Facebook and crypto partners. It has now decided to issue a cease and desist letter first. However, it is not clear if the startup would move against Facebook or the Geneva-based Diem Association.
“It wouldn’t have taken that much effort for Facebook to find out if there’s another Diem in financial services…They obviously took the view that ‘we can just crush them, we’re Facebook’,” Diem Investor, Chris Adelsbach told Sifted.
Following a global regulatory backlash, the Swiss non-profit, consisting of Facebook and other tech and payment companies, is distancing from initial plans with a rebranding approach. Earlier this year, the association rebranded its wallet Caliba to Novi.
Interestingly, another startup bank sued Facebook earlier over the similarity of Calibra-logo to its own.
2021 Launch in the Pipeline
Meanwhile, the Diem Association is now gearing up to launch its digital currency as soon as January 2021.
Though media reports were floating around the launch date, Facebook Financial CEO, David Marcus, recently confirmed the company’s plan to launch both the wallet and the cryptocurrency next year.
“I hope that we get to participate with…Novi and Diem and the big changes of 2021, pending regulatory approvals where we need to obtain them,” Marcus said at the Singapore FinTech Festival.