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Alibaba settles trademark case with Dubai's Alibabacoin

Alibaba settles trademark case with Dubai's Alibabacoin

Alibaba Group Holding Ltd. has agreed to settle a trademark lawsuit that it filed against Dubai-based cryptocurrency company ABBC Foundation, the World Intellectual Property Review reported March 12.

Last year, the Chinese e-commerce giant accused Alibabacoin Foundation, which was what the company was called prior to the settlement, of misappropriating Alibaba's brand name to deceive investors into raising more than $3.5 million in crypto assets called "Alibabacoins."

ABBC has denied the allegations, saying that it did not intend to infringe on Alibaba's intellectual property.

As part of the settlement, ABBC has agreed not to use trademarks that include the term "Alibaba" worldwide, the report said.