It was an inevitable ending to the rumors and speculations about the two companies both using the name Alibaba. These two companies namely Alibaba Group and Alibabacoin Foundation which now calls themselves ABBC Foundation has gone through a series of battles regarding the rights for Alibabacoin.
Last year, a new company based in Belarus and Dubai made a website called alibabacoinfoundation.com and conducted an ICO that accepted investment for developing Alibabacoin. They argued that Alibaba is a common and native name in the Middle East. While that’s true, Alibaba Group filed a lawsuit based in the US, fighting for the trademark of Alibabacoin.
This lawsuit went on for a long time and has been on the headlines for a while. But everything comes to an end. The two companies are now going for a “worldwide settlement” as they recently mentioned in an announcement. In the announcement, it was said that Alibabacoin will belong to Alibaba Group exclusively and will not be used anymore by ABBC Foundation. This means that Alibaba Group now controls and owns “Alibabacoin”.
This move is perceived and interpreted by many as a positive step toward a developing and more amiable relationship between the two companies. It’s not a secret that Alibaba.com is one of the biggest e-commerce players in the world. On the other hand, ABBC Foundation expressed their interest on collaborating with online shopping malls. In an article published in CCN, ABBC Foundation announced a future goal that ABBC will be used in large internet shopping malls around the world. In the announcement, it was mentioned that “Jason Daniel Paul Philip, CEO of ABBC Foundation…announced that ABBC can be used as payment in 30 different most famous shopping malls around the world.”
If it ends well with these two companies, they may be able to come into an understanding of mutual benefit involved should they decide to collaborate in the future. While there is no confirmed news of collaboration, there is a distinct possibility of this future developments now that “Alibabacoin” belongs to Alibaba Group.