In line with a recent report ‘published‘ by Reuters, ABBC foundation – Dubai based cryptocurrency firm has agreed to stop using the name “Alibaba” for its crypto asset after a legal action by the Chinese renowned e-commerce giant ‘Alibaba Group.’
The decision from ABBC Foundation is reportedly a part of a settlement of a virtually year-long proceedings brought by Alibaba against the cryptocurrency startup.
ABBC Foundation, antecedently additionally referred to as Alibabacoin Foundation, reportedly stated that it regretted confusion caused by its former use of the name “Alibabacoin” for its firm and cryptocurrency. In line with the report, the company’s coin would now be known as ABBC coin.
Later, in May last year, a U. S. court dominated ‘against‘ Alibaba’s request for an injunction against the startup. Moreover, despite the reversal, in Oct. last year, Alibaba ‘won‘ a preliminary injunction against ABBC Foundation [at the time Alibaba coin Foundation] in an exceedingly lawsuit over the illicit use of Alibaba within their name in the U.S. District Court for the Southern District of New York.
Just recently, Alibaba’s Vice President named ‘Liu Song,’, stated in an interview that the corporate is considering ‘blockchain‘ implementation for cross-border supply chains.
Earlier In Jan., another news ‘revealed‘ that the Pakistan-based subsidiary of global telecommunications giant Telenor had launched across-border payment service backed by the blockchain system of Alibaba’s payment subsidiary named ‘Alipay’.