It is said that there is always light at the end of the tunnel, taking the cue from the saying the legal battle between ABBC Foundation, a Dubai-based crypto firm and the Chinese e-commerce giant, Alibaba, has reportedly resulted in a collaboration that will be beneficiary for both the participants.
Previously coined as Alibabacoin Foundation, the firm named their cryptocurrency as “Alibabacoin”, which invited a lawsuit from the Alibaba Group. After a year-long trademark lawsuit, ABBC foundation agreed to stop using “Alibaba” in March this year, and renamed their coin’s name to ABBC Coin.
In a press release, the ABBC Foundation has announced that they have come to a mutual understanding with the Alibaba group. The settlement is touted to be mutually beneficial for both groups, the announcement further states:
The settlement allows us and Alibaba.com to move forward in our respective plans to truly revolutionize the way business is conducted in the ever-growing connected world.
Furthermore, ABBC Foundation ecstatically shared the firms latest developments in exchange listings, platform development, marketing, and partnerships.
The foundation announced a couple of weeks ago that the ABBC Coin will be listed on 13 new exchanges, the announcement re-iterates these numbers and add that they “have finalized and signed contracts with more than 10 additional unannounced exchanges for listing.”
The announcement went on to add that as the announcement of listing dates and trading details will be made public, the users will excitingly observe a “dramatic increase in trading volume on some of the world’s most respected exchanges”.
The foundation claims that the long lawsuit hasn’t hindered in their development process. As per the announcement, the foundation has received over $1.2 billion through various financial partners. These funds have been targeted at building up and promoting their “dream platform. ”
The release further adds:
Coin Shopping Mall (CSM) has now been in development for over a year, and will soon be ready to launch in a few months. This platform aims to revolutionize the future of eCommerce and online-shopping, and it is apparent that our partners believe in the vision as well, as they have been blessing us with adamant support. Our global network of financial partners will be unveiled when we are fully established and ready to launch.
The aforementioned shopping mall will readily accept cryptocurrencies like Bitcoin and Ethereum, along with a variety of other coins as well. Notably, in a similar pattern that the current online retailers use to accept fiat currency. The foundation further hints at a new wallet, staking and a rewards system, that as per them will push their platform to new heights.
ABBC Coin holders will have the opportunity to generate real revenue and the platform will give a chance for a world with less income inequality.
Partnerships & eCommerce Integrations
The foundation notes that other than their existing financial supporters and exchange partners, they are in the “process of integrating the Coin Shopping Mall with many of the world’s most renowned online shopping malls including Alibaba, Amazon, eBay, Coupang Mall, and more.”
The crypto firm stated that their aim is to have at least 25 online retailers integrated onto their platform at the launch. They further assert that “more and more retailers will want to be integrated into our platform as we grow.”
The foundation further reveals that they are currently in the process of launching an R&D (research and development) facility in the United States that will be in accordance with local and federal laws. The development is aimed at attracting the world’s top talents in a variety of fields, not just limited to the blockchain technology.
ABBC foundation further added that they will keep on releasing more details about their ongoing developments as and when they are ready.
Image Source – ABBC Foundation Website