New Name Selected by The Libra Foundation Could Confuse Existing Customers of FinTech Brand DIEM
Diem Group, the innovative fintech for the circular economy, has expressed concern that The Libra Foundation’s new name impacts upon its established brand and will lead to confusion among consumers.
The Libra Foundation, a consortium created by Facebook to support its cryptocurrency of the same name, announced it was rebranding as the Diem Association. Diem Group Ltd, which trades as DIEM, believes that this move threatens to cause confusion among its customers, partners and followers as well as the wider FinTech community. DIEM wishes to protect its brand and the interests of the shareholders, reassuring them of the company’s commitment to its vision and manifesto.
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Diem Group Limited, the owner of the DIEM brand, has created a ‘Bank of Things’ concept that marries sustainability and capitalism to empower individuals to convert unwanted things into capital – rather than simply throwing them away. It has created a distinctive brand, invested in both, social media and media outreach, secured customers and partnerships, all of which use and rely upon the DIEM brand. A simple web search reveals DIEM’s website, its Instagram pages Diem_Global, YouTube channel, LinkedIn, Crunchbase and Twitter Pages. Recent press coverage in Forbes has also established the name.
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Geri Cupi, Founder and CEO of DIEM, commented, “We were flabbergasted on 1 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.