With cryptocurrencies becoming more mainstream after its pioneer release a decade ago, thousands of initial coin offerings (ICO) have been done over the years. Being volatile in nature, the cryptomarket is very challenging to go into. One of the most recent and blooming digital currencies at the moment is the Alibabacoin. It is known to be on the rise after breaking the $100 million market capitalization value on February 2019.
Because of the continuous growth of ABBC Foundation’s coin in the crypto market, China’s Alibaba Holding Group has filed a lawsuit against their company over trademark license on the name “Alibaba”. They claimed that the existence of Alibabacoin has affected their consumer market in the United States. Now, ABBC is banned to use the term and decided to officially use “ABBC Coin” for business proceedings.
After the prolonged conflict, both companies have finally reached a worldwide settlement. As stated in Reuter’s recent announcement, the Belarus and Dubai-based cryptocurrency company has dropped the “Alibabacoin” to the Chinese e-commerce giant’s jurisdiction. This seems like a business strategy to introduce innovative means of payment in the e-commerce sector, where Alibaba Group is leading.
Assuming that the e-commerce conglomerate has taken control over the Alibabacoin, the benefits that the Belarus and Dubai start-up company has to offer would be utilized for good business. The ABBC Foundation announced a plan to have their technology used in shopping malls, which seemed favorable in Alibaba’s reputation as the owner of the biggest online shopping mall in the world.
Taking these things in consideration, Alibaba Group China’s acquisition of the Alibabacoin may be a good venture for the company, in response to their interest in blockchain enforcement. According to a recent interview with Alibaba Group’s VP, the company is planning to implement blockchain in complex supply chains for a better logistics and finance process.
People perceive the arrangement between the two digital financial assets as a business scheme to rise on the top. At present, ABBC coin consistently ranks among the top 30 of the Coin Market Cap rankings and is currently traded on more than10 different exchanges in the market.
