From the case details published on official litigation sources, the latest update includes the quote that says that it is “stipulated and agreed by and between the parties and/or their respective counsel(s) that the above-captioned action [the lawsuit] is voluntarily dismissed”.
From this, it seems that ABBC Foundation did not necessarily lose the case, but rather Alibaba Group voluntarily dismissed the case. They seem to have come up with a middle ground, a place of mutual understanding. Looking at the statement, one such possibility is that Alibabacoin’s ownership may already be transferred to Alibaba Group Holding Limited.
Based on Reuters recent announcement, the long-running conflict between China’s e-Commerce giant and Belarus and Dubai-based blockchain technology company has finally reached a worldwide settlement. ABBC Foundation has dropped ownership of the “Alibabacoin” and gave sole authority to Alibaba Group China for its trademark.
Several rumors suggested that this decision may finally lead to Alibaba’s acquisition of the Alibabacoin Foundation. Earlier last year, ABBC Foundation and China’s Alibaba Holding Group had a legal court battle over trademark licenses in the U.S court. This seems like a business strategy to introduce digital currency in the e-commerce sector, where Alibaba Group is dominating.
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. This makes people certain that the Alibaba Group Holdings Ltd has finally taken some action in acquiring the Dubai-based cryptocurrency firm.
The creators of ABBC coin will utilize facial recognition with online shopping and payment options. Assuming that the Chinese e-commerce corporation is finally in control of the Alibabacoin, this feature will work in favor to their business and could attract more customers.
In line with these events, Alibaba has reportedly launched two blockchain subsidiaries aimed to strengthen their financial, technology, and network development. The e-commerce conglomerate is steadily making ventures concerning blockchain where Alibabacoin is booming, at the moment. With both digital assets working to be on the peak of the market, Alibaba makes sure to have the upper hand by using one of Belarus and Dubai’s top cryptocurrencies to its advantage. It must maximize the coin’s potential in the market and rise among its financial competitors. Despite the volatile movement of the crypto industry, the benefits coming with Alibabacoin’s takeover is worth the risk for good business.
For neophyte crypto enthusiasts, ABBC Foundation is a start-up company known to be on the rise after breaking the $100 million market capitalization value on February 2019. It is currently trading on more than 12 exchanges
The ABBC Coin is consistently rising to the top, currently maintaining Top 30ont the Coin Market Cap rankings, with a market cap worth 197 million.
No statements made within the above article are to be taken as financial advice. Please consult with a professional before making investment decisions.