Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
Alibaba Holding Group finally triumphed in their pursuit to forbid using the term ‘Alibaba’ in the Alibabacoin, created by the ABBC Foundation, previously known as Alibabacoin Foundation.
The Chinese conglomerate finally came out victorious over the dispute that went on for a long time against the cryptocurrency startup that is based in Dubai, United Arab Emirates and Belarus, Minsk.
The trademark battle has been going on since the Alibabacoin Foundation which is now called ABBC Foundation made the coin called Alibabacoin and proceeded to raise money through an ICO that was made available worldwide. Now, as published in many new sources worldwide, it seems that the two companies finally made a statement regarding a settlement.
From the settlement published by many popular cryptocurrency websites, it seems that finally, there is a conclusion regarding the lawsuit.
Alibaba Group Holdings Ltd. (Alibaba) and ABBC Blockchain IT Solutions LLC (ABBC) announced that:
“They had reached a worldwide settlement of claims involving 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.”
Details were not disclosed because of the confidentiality, but from the statement, it is clear that the two companies reached a “worldwide settlement” barring the use of Alibaba’s name and trademarks by ABBC.
Now, ABBC Foundation is not allowed to use the term ALIBABA. So, it looks like the rumors that were going around before during the trademark scuffle may be getting some form of resolution and clarity.
Late last year, there were many articles coming out that mentioned the possibility of a merger and the smaller cryptocurrency startup. ICO Boom wrote before that:
“Alibabacoin, the Dubai-based blockchain startup, is poised to be acquired by Alibaba Group, the company behind the digital marketplace Alibaba.”
They added that ABBC Foundation, the company behind Alibabacoin, may have been offered to be bought out by Alibaba Group.
Indeed, as the crypto startup continued to flourish and develop their coin which is now called ABBC Coin, there have been many questions concerning the possibility of ABBC Foundation being absorbed by the bigger company Alibaba Holding Group.
However, the suggestion that Alibaba acquired, or invested in, or now controls ABBC is false. Further, Alibaba Group has never considered such actions, as their official statement reads.
Be as it may, ABBC Foundation proved its ability to create a unique selling proposition of using facial recognition technology to further increase the security of cryptocurrency payment process. In their business plans, they mentioned that they are planning to use their coin as a payment solution in many online shopping malls worldwide.