Mar 18, 2019 09:30 UTC
Mar 18, 2019 at 09:30 UTC
Alibaba Enterprises Get Hold of “Alibaba Coin” Finally!
Alibaba, the E-Commerce giants based out in China has a major footing in China and its business is spread out throughout the world. The emerge of blockchain technology and rise in popularity of cryptocurrencies have made many such E-commerce websites to either accept crypto payments or create their own crypto.
Alibaba was quite in a dilemma when a Dubai based crypto firm ABBC Group created “Alibaba coin.” The coin came into the center of attention after it broke the $100 million market capitalization in February 2019. This sudden boom in market capitalization led to a number of lawsuits filed by the digital companies in the United States.
After numerous lawsuits, and various media trials both the parties have arrived at a middle ground. Despite ABBC group winning the preliminary injunction, it has given the “Alibabacoin” jurisdiction to Alibaba group. Now, the coin would simply be called ABBC coin.
Alibaba Group is Looking to Implement Blockchain on its E-commerce Platform
After winning the lawsuit war against the ABBC foundation, which was pre-assumed by many, given Alibaba group is the world’s largest online market place. In a recent interview, the company’s vice-president hinted that they are looking to implement blockchain based solutions in their system. If the blockchain solutions are added to the system, it would help the worlds largest online retail business to grow even further.
The combination of Blockchain based system along with crypto payment option would ensure faster and cheaper shopping experience for the online retail business.
ABBC coin despite being new and the volatile market, the coin is performing well as it is already in the top 40 cryptocurrencies. It already broke into the $100 million market capitalization this February. The major driving force behind such a phenomenal performance could be the name itself. It is a well-known phenomenon in crypto space where the progress of the coin is hugely dependent on the PR buzz, and Alibaba in their name might have played a significant role in taking its valuation so high.
The use of Alibaba in the coin might have prompted the E-commerce giants to take necessary actions, as many who might have invested in the coin would have thought it to be an entity of the E-commerce website.
A similar phenomenon was witnessed during the 2017 price rise of Bitcoin when Blockchain became a widely talked and discussed topic. A tea company which had nothing to do with Bitcoin or blockchain added “Blockchain” to their name, which took their valuation up by more than double in a matter of few days.