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Alibabacoin now belongs to Alibaba Group Holding Limited, China

It was an inevitable ending to the rumors and speculations about the two companies both using the name Alibaba. These two companies namely Alibaba Group and Alibabacoin Foundation which now calls themselves ABBC Foundation has gone through a series of battles regarding the rights for Alibabacoin. Last year, a new company based in Belarus and … Continue reading Alibabacoin now belongs to Alibaba Group Holding Limited, China The post Alibabacoin now belongs to Alibaba Group Holding Limited, China appeared first on CoinSpectator Blog.
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Alibaba Group Takes Control of Alibabacoin

CoinSpeaker Alibaba Group Takes Control of AlibabacoinThe 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.Alibaba Group Takes Control of Alibabacoin

“AlibabaCoin” Has Fallen Under Alibaba Group China’s Control

E-commerce has grown tremendously over recent years, and it will continue to grow in years to come. A lot of people are relying on to buy products online because it is more efficient and could be done in the comfort of their home. The innovative release of cryptocurrencies is going to have a significant impact on this industry. One of the most persistent and blooming digital currencies at the moment is the Alibabacoin. Created by a Belarus and Dubai-based crypto firm, the Alibabacoin is known to be on the rise after breaking the $100 million market capitalization value on February 2019. The sudden growth of the coin’s potential troubled the Chinese e-commerce giant, Alibaba Group Holding Ltd. This caused the long-running legal battle fought between these two digital companies within the United States setting. A few days ago, Reuter’s has published a report stating that the ABBC Foundation (former Alibabacoin Foundation) and China’s Alibaba group has finally reached a worldwide settlement. Despite winning the preliminary injunction, ABBC Foundation has given the “Alibabacoin” jurisdiction to Alibaba. Now, the coin is widely-accepted as ABBC Coin. Based on a recent interview with Alibaba Group China’s vice president, the company is considering the implementation of blockchain in its supply chain. This might be related to a published report by the World Trade Organization saying that blockchain applications could be highly-effective to several industries including finance and logistics.   The fact that Alibaba Group owns the biggest online shopping in the world makes people more certain that the benefits of using the Alibabacoin will be in their favor. This will simplify the shopping process and reduce transaction fees. With this venture, their online retail industry could grow even more. For sure, the e-commerce and crypto industries would result in a huge transformation in the financial sector. This trend will continue and the future of the Alibabacoin may perhaps depend on online platforms designed to make business smoother for both buyers and sellers, such as Alibaba Group China’s company. Despite the volatile nature of the crypto market, ABBC coin’s standing also remains to be strong. It is among the top 40 cryptocurrencies by market capitalization, as seen in the Coin Market Cap rankings. The post “AlibabaCoin” Has Fallen Under Alibaba Group China’s Control appeared first on ZyCrypto.

Alibaba Group and ABBC Foundation reach worldwide settlement for Alibabacoin trademark

It has been a back and forth round of events since the initial dissention between Alibaba Group Holdings and ABBC Foundation regarding the ownership of the Alibabacoin trademark. It all began when the Belarus-based startup raised money through an initial coin offering [ICO] of Alibabacoin. Upon learning about this matter, Alibaba Group filed a case in the U.S. District Court in Manhattan. After a long dispute over trademarks, ABBC Foundation and Alibaba Group China issue an announcement. The following statement down was released today. “Alibaba Group Holdings Ltd. [Alibaba] and ABBC Blockchain IT Solutions LLC [ABBC)] today announced that they had reached a worldwide settlement of claims involving the use of the name ALIBABACOIN, with ABBC agreeing not to use trademarks that include the term ALIBABA worldwide. ABBC regrets any public confusion that may have arisen from its former use of ALIBABACOIN.” For those who are not familiar, ABBC Foundation is a cryptocurrency startup project located in Belarus and Dubai. They are the team that developed the ABBC Coin. ABBC’s highlight is its proposed facial recognition technology. Their plan is to use “facial password” in daily transactions-coupled with its application of blockchain. ABBC is currently listed in major exchanges and entered Top 30 in the Coinmarketcap. The post Alibaba Group and ABBC Foundation reach worldwide settlement for Alibabacoin trademark appeared first on AMBCrypto.

Settlement Discussions Have Taken Place Between Alibaba Group and Alibabacoin (ABBC Foundation)

Settlement Discussions Have Taken Place Between Alibaba Group and Alibabacoin; Both Entities to Stop Legal Proceedings before a United States Magistrate JudgeAs the one-year mark of Alibaba Group Holding Ltd’s crusade to stop ABBC Foundation from using Alibaba in its name approaches, it appears on the surface that the two are making significant progress in ending the legal battle. The past year has been a rollercoaster ride of U.S. District Judges overturning rulings and temporary injunctions. You don’t often see a startup that’s raised $3.5mil take on one of the largest conglemarates in the world toe-to-toe — especially in arguably one of the most respected courts in the world: the New York Southern District Court, where they do not play around.There’s been a lot of speculation and misinformation posted on sites as to what could be the cause of the sudden surge in price. Unsubstantiated rumors of a potential acquisition, old stories and judicial decisions made months ago, to even pump and dump groups that are manipulating the market. However — being in this industry long enough, I know that these rumors and outdated sources can not be the cause of the 400% increase in token value in just the past month alone. Let’s not forget that we are still struggling to break out of the longest crypto-bear market in history.Something is definitely brewing between the two entities, and there is undoubtedly a handful of people stocking up on ABBC even managing to reach the top 30 in market capitalization for a brief moment (at the time of this writing, the project is hovering around the top 40 mark). Our company, Lunar Digital Assets, is constantly watching the market for anomalies, and yes, ABBC is absolutely an anomaly that people should keep a very close eye on. I find it very peculiar that Alibaba has agreed to forego proceedings before a U.S. Judge in one of the toughest courts in America. The outcome, in my opinion, weighed heavily in favor for the Alibaba Group.The next few months should definitely be interesting — or it could be nothing. Only time will tell, but from experience when digital assets begin moving like this, a major announcement is on the horizon.Settlement Discussions Have Taken Place Between Alibaba Group and Alibabacoin (ABBC Foundation) was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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