Alibaba Group Holding Ltd, for its lawsuit against a cryptocurerncy firm over use of its trademarks which also includes the term “Alibaba”, came to a worldwide settlement, announced the cyptocurrency firm ABBC Foundation in its statement on Monday which was also confirmed by its US-based lawyer.
ABBC foundation is startup project of cryprtocurrency and is located in Belarus and Dubai. The foundation is responsible for the development of ABBC Coin which was also known as Alibabacoin. And that was reason Chinese Alibaba Group sued the cryptocurrency firm for using its name which is also a trademark of its.
The Chinese retail giant is also seeking to excel in blockchian technology and has large number of blockchain-related patents that are more than that of any other company.
The ABBC Foundation, agreed with Alibaba not to use its name any more and in its statement said that it apologizes for any confusion arises of its previously used term of Alibaba Coin for its cryptocurrency, which is now renamed as ABBC Coin.
The Chinese e-commerce retailer filed a lawsuit against the ABBC Foundation in a U.S. District Court, Southern District of New York, alleging it to be not only confusing the customers but also its use of trademarked name which hurt the business of Chinese company in the United States and also helped cryptocurrency firm to raise over $3.5 million for its Alibabacoins.
ABBC defy the allegations and said that it was not trying to take the advantage of name Alibaba, and potential confusion was eliminated by the China in September 2017 by imposing ban on initial coin offerings of the company.
ABBC is listed in major exchanges and also ranked among Top 30 in the COinmarketcap. It is also intending to use facial recognition as password in its blockchain application for execution of daily transactions.