Tech startup Diem launches lawsuit against Facebook’s rebranding

Tech startup Diem plans on issuing a cease and desist letter against Facebook's crypto project Diem which was formerly known as Libra.

The Libra Association changed its name to Diem Association but there's already a tech startup called Diem and they are launching a lawsuit against Libra. It looks like someone at the association forgot to check if the name is already taken. The London-based FinTech startup Diem is now contemplating legal action against Diem Association for the use of the name.

UK's Diem uses an algorithm to price customers' items so all of them can sell things to DIEM and get cash. The company is yet to launch its services to the public, yet it did just have a soft launch this October.

Reports reveal that Diem has still not taken any drastic measures against Facebook and its partners. However, CEO and founder of Diem Geri Cupi shared his concerns, "As a small startup, we are concerned that customer confusion resulting from Libra's actions will significantly impact our growth."

All the while, the Dime Association is planning on a January 2021 launch.

The Diem association changed its branding for the main purpose of distancing itself from the backlash it previously received from global regulators.