Stablecoin

Facebook acquired a trademark from a little-known tax company for its secret crypto project

Quick Take

  • United States Patent and Trademark Office shows Facebook recently acquired the trademark ‘Libra’
  • The Wall Street Journal reported on Thursday that the code word for Facebook’s stablecoin project is Libra

Outside of anonymously-sourced reports in financial-media, very little concrete information is out there about Facebook’s secretive cryptocurrency project. 

Thursday evening, The Wall Street Journal dropped a bombshell report about the social media company’s efforts in blockchain, specifically that it is working on a building a full payments network and is in discussions with payment networks Visa and Mastercard to support it. At the center of its efforts is a stable coin, dubbed Libra, according to the report. 

A source familiar with the matter confirmed to The Block that Facebook’s crypto project’s code and product name is Libra, and that the firm is recruiting financial firms to support the effort. 

It appears there’s hard evidence to suggest Facebook has acquired the trademark for the name ‘Libra’ for the project, as per a document from the United States Patent and Trademark Office. The previous trademark holder is a cryptocurrency tax company that recently changed its name to Lukka

Initially reported back in December by Bloomberg, Facebook’s blockchain team has apparently been developing a stablecoin for payments within WhatsApp. More recently, the New York Times published a report, showing the surprising speed of development of Facebook’s stablecoin.

The USPTO history of Libra trademark documents can be viewed here.

 

The original TEAS Plus Trademark Application for ‘Libra’ filed by Libra Services

Libra was a crypto tax and accounting software company, and recently changed its name to Lukka

 

A new owner amendment for Libra was filed on April 20 with Facebook’s Willow Road address