According to a recent report, Facebook now has the complete right to utilise the trademark “Libra” for the virtual currency project which the social media giant is presently forming a partnership with various financial institutions towards.
The “Libra” Trademark is Now a Facebook Property
According to papers which were published by the United States Patent and Trademark Office and were documented in June 2018 revealed that the firm has purchased rights to the “Libra” trademark.
Although the owner filed for JLV which is a limited liability company, the LLC’s address indicated the same address as that of the official communications for Facebook.
In the past, the trademark was under the management of a crypto tax company which changed its name to Lukka recently.
Also, the social media giant, Facebook is reportedly looking for investments worth $1 billion for its secretive stablecoin.
“Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said,”
Not a Perfect Cryptocurrency
Arthur Hayes, the Chief Executive Officer at BitMex said that: “Facebook or Twitter coin should not be called a cryptocurrency,”
“These will be tokens that ride in their ecosystems. Users must trust these companies to operate the network in good faith and protect their privacy. The only thing any of these tokens will have in common with Bitcoin is that the word “coin” might possibly be used in their names. These will have little to no effect on Bitcoin and other similar cryptocurrencies that operate on a public peer-to-peer network.” he added.
Furthermore, a career development professor at Massachusetts Institute of Technology, Professor Christian Catalini who is presently on leave is reportedly working on developing Facebook’s token. Catalini is one of the leading researchers in the field of token economies.