Alibaba Group Takes Control of Alibabacoin
CoinSpeaker
Alibaba Group Takes Control of Alibabacoin
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. Details were not disclosed because of the confidentiality, but from the statement, it is clear that the two companies reached a “worldwide settlement” regarding the use of Alibabacoin trademark.
Now, ABBC Foundation is not allowed to use it. 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 offered to be bought out by Alibaba Group.
Furthermore, ABBC Foundation was able 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.
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.
From the results of the settlement, it shows that this possibility has a high probability of working out for both parties involved because Alibaba Holding Group has a really huge sphere of influence worldwide.