Dubai-based crypto firm ABBC Foundation has agreed to stop using the name “Alibaba” for its cryptocurrency after legal action by Chinese e-commerce giant Alibaba Group, Reuters reported on March 11.
The decision from ABBC Foundation is reportedly part of a settlement of an almost year-long lawsuit brought by Alibaba against the crypto startup.
ABBC Foundation, previously also known as Alibabacoin Foundation, reportedly said that it regretted confusion caused by its former use of the name “Alibabacoin” for its firm and cryptocurrency. Per the report, 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 latter’s initial coin offering (ICO) initially raised $3.5 million.
Later, in May 2018, a United States court ruled against Alibaba’s request for an injunction against the startup. However, despite the setback, in October last year, Alibaba won a preliminary injunction against ABBC Foundation (at the time Alibabacoin Foundation) 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.
Recently, Liu Song, Alibaba’s vice president, said in an interview that the company is considering blockchain tech implementation for cross-border supply chains.
In January, news broke that the Pakistan-based subsidiary of global telecommunications giant Telenor had launched a cross-border remittance service powered by the blockchain system of Alibaba’s payment subsidiary, Alipay.