Dubai Based Alibabacoin Booked for Trademark Infringement

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The Dubai firm, Alibabacoin foundation has been booked by China’s e-commerce giant company. The Alibaba coin foundation was found using the Alibaba trademark in dealing with the cryptocurrency. The Alibaba coin is set to raise over the $3.5 M through their ICO, banking. In the closing days of its IPO in Sept 2014. Alibaba has a market value of $ 231 B in the US.

This is one of the largest and the most valuable company in the world. Alibaba reached a market cap of 4527B in the US in January. This made them stand on the second position in investing in the Chinese conglomerate. A complaint has been filed against the owner of the Alibabacoin. So far they have taken no any steps to clear the confusion with the retailer that has been caused to them due to their unlawful activity.

The new AlibabaCoin’s Blockchain technology will take the help of the artificial intelligence techniques which will be effective for the image recognition most reliably to identify a person. This technique will be effectively used for the structural payment of the electronic wallets and the financial transactions.

The group is planning for the shipping platform for the international retails especially in the countries that are a part of the crypto exchange. The documents also assert a blockchain technology which is offering a secure as well as convenient payment. No matter on which platform you shop it will give you a secured gateway for payment which includes the platform like American e-tailers, Amazon and eBay.

The Bitcoin and Ethereum are specially mentioned there for the exchange with Alibabacoin. The case has been booked against Alibabacoin in case no. 18-02897 of the US district court. The Southern District of New York is waiting for the response to the guilt on April 11th.

2 COMMENTS

  1. […] Instead of restricting cryptocurrency exchanges, the financial institutes have now welcomed the revolutionary potential that Blockchain gets with it. More than 90 central banks across the world have started to get involved in research and development of this technology. Moreover, banks have co-opted several platforms as an effort to make the operations more successful, safe and efficient. The Blockchain networks have the potential to eliminate the high structural costs related to financial services, strengthen the regulatory reporting of the banking activity and provide a shared ledger which can minimise the risks for the banks. […]

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