The dispute between Dubai-based cryptocurrency firm Alibabacoin Foundation and ABBC seems to have come to an end.
The developer of ABBC Coin and MC wallet today said it had reached an agreement to settle a long spat with the Chinese IT conglomerate which intended to block the foundation from using the Alibaba name.
In an email to Finance Magnates, Alibabacoin sent the following official statement: “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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“ABBC regrets any public confusion that may have arisen from its former use of ALIBABACOIN,” the statement continued.
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Alibaba sued ABBC in US Southern District Court for violating its IP rights. The legal process in the US resulted in a November of 2018 injunction against ABBC, prohibiting them from using Alibaba’s name or trademarks. The US Southern District also allowed Alibaba to continue its suit against ABBC.
Alibabacoin previously rejected Alibaba’s claims that they are infringing on its trademark, saying this name is a commonly used in Dubai and does not belong to a certain entity or individual. Alibabacoin lawyers added that the fact that ICOs are banned in China means that confusing the two is even less likely.
However, the case contended that they published materials promoting their cryptocurrency product which impermissibly use Alibaba’s trademarks to connect AlibabaCoin with Alibaba in the mind of consumers.