The Dubai-based cryptography firm ABBC Foundation has agreed to stop using the name “Alibaba” for its cryptocurrency following a lawsuit filed by Chinese e-commerce giant Alibaba Group.
ABBC Foundation’s decision was made in a settlement after Alibaba’s trial of the crypto start-up for almost a year.
The ABBC Foundation, formerly known as the Alibabacoin Foundation, was reported to regret the confusion caused by the use of the name “Alibabacoin” for its company and cryptocurrency. According to the reports, the company’s coin will now be called ABBC Coin.
As Cointelegraph reported in April last year, Alibaba had previously sued the company for copyright infringement after the company initially raised around EUR 3.1 million on its Initial Coin Offering (ICO).
What did the court say?
In May 2018, a US court then ruled that Alibaba’s request for an injunction against the start-up was rejected. However, despite this setback, Alibaba obtained an injunction against the ABBC Foundation (then Alibabacoin Foundation) in October of last year, after the giant filed a lawsuit alleging misleading use of Alibaba on behalf of southern New York’s US District Court.
Liu Song, Vice President of Alibaba, said in an interview recently that the company is considering a blockchain implementation for cross-border supply chains.
In January, it was reported that the Pakistan-based subsidiary of global telecommunications giant Telenor had launched a cross-border wire transfer service based on the blockchain system of Alibaba’s payment subsidiary Alipay.