China’s Alibaba Group Successfully Seizes “Alibabacoin”

The vast power and potential of the Internet as a medium for trade and business has been utilized through the years. Multiple e-commerce platforms have been developed and is taking advantage of the digital world’s accessibility and efficiency.

Along the lines of this, cryptoindustry has also boomed. With different projects aiming to provide an innovative means of payment, trading, and exchange in an electronic perspective, thousands of digital currencies have emerged in a span of a decade.

Among these cryptocurrencies is Alibabacoin (now generally recognized as ABBC Coin.) The Dubai-based firm behind this creation is the pioneer developer of the facial recognition technology being implemented with blockchain which will be used as a revolutionary payment system for online shopping platforms. 

Upon the successive growth of Alibabacoin in the crypto rankings worldwide, China’s Alibaba Group filed a lawsuit expressing concern of their marketplace in the United States. After almost a year of legal battle in court, ABBC Foundation and Alibaba have finally reached a settlement.

Initially released by Reuter’s, the statement announced that ABBC would no longer affiliate itself with the trademark name “Alibaba” causing them to hand over the rights of “Alibabacoin” to the Chinese conglomerate. This seems like a marketing tactic of these two digital assets to stay on the top of both crypto and e-commerce industries.

The Chinese multinational company’s vision has constantly evolved and kept pace with the technological changes and innovations happening in the cyber space. In a recent interview with Alibaba’s VP, they are now considering the application of blockchain technology in their supply chain, finance, and logistic processes. ABBC Foundation runs a blockchain platform that is ready for combination with other cryptocurrencies and blockchains in the world to facilitate better payment and transaction systems on one platform.

Now this apparently shows that the acquisition of Alibabacoin could bring a surge of new customers and higher profit to the Chinese e-commerce giant’s business. If they succeed in applying this new technology to the e-commerce production, it will result to a positive spin.  

ABBC coin is currently trading in 16 active markets and listed in 10 major exchanges. It also holds a spot among the top 40 in the Coin Market Cap rankings, with a market capitalization of $177 million.

By | 2019-03-18T10:23:07+00:00 March 18th, 2019|Cryptocurrency News|0 Comments

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