Alibabacoin Foundation and China’s Alibaba Holding Group is having a dispute over trademark licenses in the Manhattan court of the United States of America.
Alibabacoin Foundation CEO, Jason Daniel Paul Phillip stated that Alibabacoin Foundation offered a settlement to Alibaba Group Holdings a month ago. In response while looking at the ongoing settlement negotiation, Alibaba Group stated that they are excited to acquire the Dubai-based startup.
Alibaba Group China has the largest online shopping mall in the world and is a global company listed on the US stock market. While on the other hand, Alibabacoin Foundation is a startup blockchain company that has developed Alibabacoin (ABBC) and MC wallet, preparing to provide full services to their users.
The two companies are currently engaged in a lawsuit in the Manhattan court. However, Alibabacoin Foundation has won the preliminary injunction requested by the Alibaba Group China in April this year.