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Alibaba Forces ABBC Foundation to Drop Its Trademark

  • Alex Morris
    📰 News

    ABBC Foundation officially says goodbye to ‘Alibabacoin’ after appearing in the crosshairs of the Chinese tech giant


Alibaba Forces ABBC Foundation to Drop Its Trademark
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According to Reuters, ABBC Foundation, the cryptocurrency firm behind the ABBC exchange, has announced that it will no longer use Alibaba’s trademark. The news comes after a prolonging court battle with the Chinese e-commerce giant.

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ABBC Coin is the new Alibabacoin  

Back in October, Alibaba won a court order against Alibabacoin Foundation, banning the startup from using its name. The Jack Ma-led company proved that at least one of the startup’s investors was from New York. Thus, ABBC Foundation was banned from using anything related to Alibaba’s mark, including resembling images, design, etc.

Notably, the price of ABBC Coin fell sharply after the announcement, losing almost 50 percent of its value in a snap. The coin currently occupies 29th place on CMC with its price sitting at $0.49.

Alibaba Forces ABBC Foundation to Drop Its Trademark

No place for Alibaba in the US

Alibabacoin is now officially called ABBC Coin, and the company reportedly regrets causing the confusion by using the Alibaba trademark. Earlier, ABBC claimed that they weren’t trying to capitalize on the famous name, and China’s crackdown on ICOs made it difficult not to differentiate the two brands for US customers. Despite being a major superpower with a market cap that nears $500 bln, Alibaba is almost unknown to ordinary consumers in the US.

However, Alibaba claimed that the startup’s decision to use their trademark helped it raise $3.5 mln during an ICO while hurting the company’s brand.

As U.Today reported earlier, the Chinese e-commerce behemoth is keen on Blockchain technology – it has the largest amount of Blockchain-related patents among all companies.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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