Crypto news website The Block reported that Social media giant Facebook acquired the rights to the “Libra” trademark for its secretive cryptocurrency project.
The Block claims that a source confirmed that Facebook is recruiting financial firms to develop its own crypto and that the project’s codename or product name is Libra.
Moreover, according to the documents released by the United States Patent and Trademark Office which are filed in June 2018 reveal that the company has evidently acquired the rights to the “Libra” trademark.
Similarly, while the owner of the filing is a limited liability company with the name as JLV, the LLC’s address indicated the address same as used for Facebook’s official communications.
The report also suggests that the trademark was previously held by a crypto tax company that recently changed its name to Lukka.
Likewise, Cointelegraph recent report tells that Facebook is also allegedly seeking investments worth $1 billion for its rumored stablecoin.
More from a Coindesk report, Massachusetts Institute of Technology professor Christian Catalini is on leave and working on the development of Facebook’s coin.
An analysis released by Cointelegraph last month takes a broader trend of large internet companies joining the crypto industry, examining Facebook, Twitter, and Telegram’s actions.