The controversy between Chinese e-commerce giant Alibaba and Dubai-based crypto firm Alibabacoin had begun long time ago and, finally, this week it has come to end. Two firms settled an agreement, according to which, Alibaba Foundation has to change its name to ABBC Foundation.
Alibaba filed lawsuit to the US court
The dispute started when Dubai crypto firm had conducted a successful initial coin offering (ICO) under the name of Alibaba. The Chinese company immediately filed a lawsuit to the US Manhattan court. However, the later did not accept charges that were put against Alibaba Foundation.
That time Alibabacoin claimed that this name is commonly used in Arabic countries, thereby no one possesses it individually, and it does not belong to any entity. Moreover, Alibaba Foundation stated that there were no grounds to confuse Alibaba customers, since China imposed a ban on ICO in the country.
The representatives of Alibaba Group said that when Alibabacoin was promoting its coin, the customers might think that it was connected to Alibaba Group.
Agreement between two sides
Finally, this controversy came to end. The Alibabacoin Foundation agreed to change its name to ABBC coin, the company expressed its regret considering any public confusion that had arose from its previous name Alibabacoin. The statement reads:
“Alibaba Group Holdings Ltd. (Alibaba) and ABBC Blockchain IT Solutions LLC (ABBC) today announced that they had reached a worldwide settlement of claims involving use of the name ALIBABACOIN, with ABBC agreeing not to use trademarks that include the term ALIBABA worldwide.”
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