ABBC Foundation and Alibaba Reach a Mutual Understanding to Settle Trademark Lawsuit
Alibaba Coin (ABBC) CEO and the President of ABBC Foundation, Jason Daniel Paul Philip, announced earlier on Thursday 11th April that Alibaba, the online commerce giant and ABBC have agreed to settle their lawsuit on a mutual understanding. The long-standing lawsuit on the trademark arises from the name “Alibaba” that the commerce giant claims the cryptocurrency exchange is infringing upon and using unlawfully. In their defense, the exchange claims the two companies cannot be confused as they perform totally different functions and given ICOs are banned in China confusion between the two is greatly reduced.
Earlier in March, ABBC Foundation agreed to drop the Alibaba Trademark and stick on ABBC Coin as their name. The latest announcement will see the lawsuit by Alibaba ended outside court after the two companies came to a mutual agreement. The agreement is set to keep companies on clean slates to the public allowing them to work on developing the products for their users.
The long-standing feud stretching over a year will be put to rest finally. This is set to improve the current negative energy around the cryptocurrency community allowing the platform
“to revolutionize the way business is conducted in the ever-growing connected world.”
The President continued the statement revealing the developments on the platform including partnerships & e-commerce integrations, platform development, more exchange listings, and the research and development facility set to be opened in the United States.
The cryptocurrency market has been on a good run for the last few weeks as Bitcoin crossed above $5,100 USD with ease. ABBC Coin has been a revelation during the period as the coin entered the top 100 coins in market cap peaking at the 23rd position.
The past 48 hours has been a crazy run for the coin as the price hiked by 95% to hit $0.366389 USD on 10th April. The token currently trades at $0.274460 USD representing a 12.40% decrease in price in the past 24 hours. The token is currently placed 53rd on the Coinmarketcap rankings with a total market capitalization of $125,561,190 USD.