The decision from ABBC Foundation is reportedly part of a settlement of an almost year-long lawsuit brought by Alibaba against the crypto startup.
ABBC Foundation, previously also known 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 will now be called ABBC coin.
Later, in May 2018, a United States court ruled against Alibaba’s request for an injunction against the startup. However, despite the setback, in October last year, Alibaba won a preliminary injunction against ABBC Foundation (at the time Alibabacoin Foundation) in a lawsuit over the misleading use of Alibaba in their name in the U.S. District Court for the Southern District of New York.
In January, news broke that the Pakistan-based subsidiary of global telecommunications giant Telenor had launched a cross-border remittance service powered by the blockchain system of Alibaba’s payment subsidiary, Alipay.