ABBC Foundation, a crypto firm based in Dubai has surrendered its plan to name its cryptocurrency “Alibaba,” as per a settlement of an almost year-long lawsuit battle that was brought by Alibaba, Chinese e-commerce giant
The ABBC Foundation was previously coined as Alibabacoin Foundation, which led them to use their former name for its cryptocurrency – “Alibabacoin”. A Reuters report on March 11 suggests that the firm regrets the confusion caused due to the same and the company’s coin will now be called ABBC coin.
Alibaba sued the company for copyright infringement in April last year, after the “Alibabacoin” managed to raise $3.5 million through an initial coin offering (ICO). However, in May 2018, Alibaba’s request for an injunction against the startup was rejected by a United States court. Though the company managed to win a preliminary injunction against ABBC Foundation in October last year, in a lawsuit over the misleading use of Alibaba in their name in the U.S. District Court for the Southern District of New York.
Liu Song, Alibaba’s vice president, stated in a recent interview that the company is considering blockchain tech implementation for cross-border supply chains.