Connect with us


AlibabaCoin Finally Taken By China’s Alibaba Group

Saad Ullah



The ABBC Foundation — formerly the Alibabacoin Foundation — has reached a settlement over its name with Alibaba Group Holdings Ltd, the Chinese e-commerce giant, confirmed sources close to the ABBC Foundation. The trademark dispute between the two companies arose over the use of the ‘Alibaba’ name with the ABBC Foundation’s cryptocurrency — Alibabacoin.

The preliminary injunction filed by Alibaba Group Holdings was won by ABBC Foundation last year, and the recent settlement was predicated on the rights to “Alibabacoin,” which ABBC Foundation has handed over to Alibaba, cites an anonymous source. It remains unclear whether or not Alibaba Group Holdings Ltd will take control of the company behind Alibabacoin — ABBC Foundation — or has solely taken custody of the trademark.

The ABBC Foundation details the overview of the settlement in its official statement from March 12th:

“Alibaba Group Holdings Ltd. [Alibaba] and ABBC Blockchain IT Solutions LLC [ABBC)] today announced that they had reached a worldwide settlement of claims involving the use of the name ALIBABACOIN, with ABBC agreeing not to use trademarks that include the term ALIBABA worldwide. ABBC regrets any public confusion that may have arisen from its former use of ALIBABACOIN.”

Alibaba’s lawyers also confirmed the news of the settlement. According to the source close to ABBC, the positive developments and full details of the agreement will be publicly disclosed when ready. The ABBC Foundation will discontinue the use of Alibabacoin, and the firm’s cryptocurrency is now called ABBC Coin.

ABBC Foundation has made previous statements clarifying that they are not associated with the Chinese e-commerce retailing powerhouse, are independently based in the Middle East, and are pending a trademark from the United Arab Emirates. The company reportedly derived their name from Arabian Nights tale, which involved Alibaba and The Forty Thieves.

Speculation around Alibaba Group Holdings Ltd endeavors into blockchain was amplified when the e-commerce company reportedly launched a couple of blockchain-based subsidiaries. The company is seeking ventures to enhance its financial technology and network development, with blockchain technology poised to assume that role.

Rumors stemming from recent news and publications have indicated that it is possible Alibaba Group Holdings Ltd will take control of ABBC Coin and the foundation.

According to a recent interview with Alibaba Group’s VP, the company is planning to implement blockchain in complex supply chains for a better logistics and finance process. Finance Magnates speculated last year that the developer of Alibabacoin and Multi Crypto Wallet had reached a settlement with Alibaba Group Holdings Ltd, citing “Alibaba Group is likely to come up with a final settlement regarding an offer for acquiring Alibabacoin Foundation.”

However, the full details of the settlement are not currently available but are pending public release according to sources close to ABBC Foundation.

Notably, ABBC Coin experienced a meteoric rise over the last several weeks before the details of the settlement were released. ABBC Foundation has offices in Dubai and Belarus and launched a successful ICO in 2018 that raised more than $3.5 million. The company recently surpassed the $100 million market cap mark amid the rampant speculation in the run-up to, and surrounding, the settlement.

The ABBC Coin cryptocurrency is designed as a distributed payment system using a facial recognition technology for making secure transactions. The company has been in the final stages of development for the ABBC Coin and is gearing up for a global launch with more than 20 retailers.

More definitive information on the settlement between the ABBC Foundation and Alibaba Group Holdings Ltd is expected shortly following the close of the case in the U.S. District Court, Southern District of New York.

China's GDP Growth: Investing
Blockchain1 day ago

China Looking into Blockchain State Currency Renminbi

Blockchain2 days ago

Pakistani PM, Imran Khan, Chairs Meeting on Government Digitization, Wants Blockchain

Blockchain3 days ago

Blockchain Event BlockShow Launches Crypto Donations for Notre Dame Cathedral

Blockchain4 days ago

Samsung Partners with Indian IT Firm Mahindra for its NextLedger Blockchain

Blockchain5 days ago, a Blockchain Events Firm, Launches Initial Exchange Offering (IEO) on BitForex

Blockchain6 days ago

Porsche Launches Blockchain Proof of Concept “You Owe Me” for Parking Fee

Blockchain1 week ago

Goodbye YouTube: PewDiePie Shifts to Blockchain Video Platform DLive

Blockchain1 week ago

Telegram’s Blockchain, TON Undergoes Beta Testing

Blockchain1 week ago

Luxury Brand Louis Vuitton Seeks Authenticity Check through Blockchain, Microsoft to Help

Banking1 week ago

MUFG, Fifth Largest Bank Globally, Decides to use Stablecoin By End of 2019

Blockchain2 weeks ago

Consulting Firm Accenture Granted Two Blockchain Interoperability Patents

Cryptocurrency3 weeks ago

Bithumb Hacked Again. USD 19 Million in EOS and XRP Stolen

Banking3 weeks ago

Major Indian Bank Joins Ripple for Remittances

Blockchain3 weeks ago

New Weiss Crypto Analysis Gives Top Grade to XRP, EOS and BTC

Blockchain3 weeks ago

CEOs of MasterCard and Wells Fargo Say Blockchain Full Potential Yet to be Realized

Banking3 weeks ago

HSBC SVP Says CFTC Should Make “Some Positive Words” for Blockchain

Blockchain3 weeks ago

Chocolate Company Hershey Joins Blockchain Advertisement Platform AdLedger

Blockchain4 weeks ago

Samsung Subsidiary SDS President: Blockchain can “Improve Supply Chain Management”

Blockchain4 weeks ago

Shipping Giant UPS to Facilitate B2B Sales with Blockchain

Blockchain4 weeks ago

BMW And Intel Partner With Singapore Government for Blockchain Accelerator

Like us on Facebook

The Trending Posts

Pin It on Pinterest

Share This