Cryptocurrency firm Alibabacoin has settled with the online retail titan Alibaba over the use of the name.
Alibabacoin will stop using trademarks including the term ‘Alibaba’ after a lawsuit brought by Alibaba Group Holdings Ltd.
The ABBC Foundation, the company behind the newly-named ABBC Coin, announced the settlement in a statement, reports Reuters.
In October, Alibaba won a trademark injunction against Alibabacoin, which is based in Belarus and Dubai.
The Alibaba Foundation, ABBC’s previous name, made claims in its white paper that it will use artificial intelligence for facial recognition purposes, which would be used for electronic payments and financial transactions.
Earlier this month, Coin Rivet reported the Alibaba Group is considering blockchain implementation for cross-border supply chains.
In an article published by China’s largest state-owned newspaper, People’s Daily, Alibaba Group VP, Liu Song, said that the company was looking at using the technology in complex supply chains to create a closed loop ecological system that could be linked with local governments.
Last year, Alibaba nabbed the top spot, ahead of IBM, on an iPR Daily list that ranked global organisations by the number of blockchain-related patents they had filed.
Founded in Hangzhou in 1999, Alibaba is now one of the biggest internet firms in the world, with a $432bn market cap.