China’s Alibaba Settles Trademark Dispute with Alibabacoin

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term IT Solutions LLC (ABBC) today announced that they had reached a worldwide Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term of claims involving 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,” 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.