It was previously reported that Chinese e-commerce giant took ABBC foundation, a Dubai-based crypto firm to the court regarding the use of its name “Alibaba”. A recent report has however made it known that the crypto firm has agreed to stop using the name for its project.
Alibaba and Alibabacoin Agreement
The agreement reached between the two is said to be one of the criteria of court arrangement made between the two entities Alibabacoin Foundation, also known as ABBC foundation has also released a statement registering its regrets as regards the confusion resulting from its use of the name Alibabacoin Foundation, for its project.
The firm also made it clear that it will now be known as ABBC coin instead of Alibaba foundation.
This change in name is as a result of a lawsuit which was filed by the Chinese E-commerce giant in April of 2018. Alibaba sued Alibabacoin for copyright infringement right after the Alibabacoin raised $3.5 million from its initial coin offering(ICO).
This lawsuit was however ruled against by as a…