Dubai-based crypto firm ABBC Foundation has agreed to discontinue using the name “Alibaba” for its cryptocurrency when legal proceeding by Chinese e-commerce giant Alibaba group, Reuters reported on March 11.

The decision from ABBC Foundation is reportedly a part of a settlement of an virtually year-long legal proceeding brought by Alibaba against the crypto startup.

ABBC Foundation, previously additionally referred to as Alibabacoin Foundation, reportedly said that it regretted confusion caused by its former use of the name “Alibabacoin” for its firm and cryptocurrency. Per the report, the company's coin can currently be known as ABBC coin.

As Top Market Group reported in Apr last year, Alibaba had antecedently sued the corporate for violation when the latter’s initial coin offering (ICO) at first raised $3.5 million.

Later, in May 2018, a U. S. court dominated against Alibaba’s request for associate injunction against thestartup. However, despite the natural event, in Oct last year, Alibaba won a preliminary injunction againstABBC Foundation (at the time Alibabacoin Foundation) during a legal proceeding over the deceptive use of Alibaba within their name in the United States District Court for the Southern District of New York.

Recently, Liu Song, Alibaba’s V.P, said in an interview that the corporate is considering blockchain tech implementation for cross-border supply chains.

In January, news broke that the Pakistan-based subsidiary of worldwide telecommunications large Telenor had launched across-border remittance service powered by the blockchain system of Alibaba’s payment subsidiary, Alipay.

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