Many know that AlibabaCoin is actually not a product of Alibaba Group China. It is a product of the Dubai-based ABBC Foundation (Alibabacoin Foundation). Upon understanding of the AlibabaCoin’s existence, the Chinese company filed a lawsuit, as the name AlibabaCoin wrongly leads to Alibaba Group.
However, the lawsuit may have come out of a different reason. Alibaba Group has sought new opportunities on how to run the coin and it seems like it might be acquiring AlibabaCoin Foundation. The speculative news comes from Finance Magnates and the actual developer of Alibabacoin. He stated that the Chinese IT Conglomerate may come up with a final settlement where they bring up an offer to acquire the Foundation.
After a long “battle” time, Alibaba Group has finally taken over AlibabaCoin under its own control. From the case details, however, there is no clarity as to who won and who lost the litigation. It is said that: “stipulated and agreed by and between the parties and/or their respective counsel(s) that the above-captioned action [the lawsuit] is voluntarily dismissed. This can mean that the two companies have agreed on some kind of a plan.
It seems, however, that the ownership rights of AlibabaCoin have been transferred to Alibaba Group China. The more interesting part is whether the Chinese “giant” will decide to adopt the blockchain technology and actually use the coin to its benefit and businesses.