Alibaba Group Holdings and cryptocurrency company ABBC Foundation has settled a legal dispute about the name of the token Alibabacoin, which, as believed by the Chinese giant, violated its copyrights.
Alibaba Group filed a lawsuit in April of last year, and at least in the first instance the case was lost. Blockchain company with offices in Dubai and Minsk argued that if the name token was inspired by the famous hero of fairy tales “Thousand and one nights” and no relation to the Chinese conglomerate has not.
As reports Reuters referring to the American lawyer ABBC Foundation, the parties came to an agreement, details of which were not disclosed. Cryptomeria, formerly known as Alibabacoin Foundation, said that he regretted the confusion to the public caused by its former name. A token of the company issued on the ICO in 2017, will now be called ABBC Coin.
The Chinese company has accused a startup that using the name Alibabacoin, he introduces customers to the confusion and damages the business of Alibaba in the United States. She also believed that this move was used intentionally to help raise more than $3.5 million in the initial proposals Alibabacoin.