Alibabacoin’s Authority Turned Over To China’s Alibaba Group

While some altcoins have been losing it big today, several projects are striving to keep themselves on the top and continuously increase their market value. One of the determined and thriving digital currencies at the moment is developed by a Belarus and Dubai-based startup company.

ABBC Foundation introduced a safer, faster, and more efficient payment system through the creation of the Alibabacoin (ABBC). The ABBC coin is regarded as a digital asset fashioned for online shopping, trading, and crypto exchange system. Because it started to do well in the crypto market, it caught the attention of the Chinese e-commerce giant, Alibaba Group Holding Ltd.

The two companies have been involved in a long-running conflict concerning the “Alibaba” name. After coming into terms, ABBC Foundation and China’s Alibaba Group has finally reached a worldwide settlement stating that ABBC can no longer use the trademark name. As a result, the Belarus and Dubai crypto firm lost its control over “Alibabacoin.”

Money has always played a critical role in the evolution of society, and with the tech-savvy generation of today, a lot of people seem to depend in e-commerce when buying and selling products. That is why people are assuming that Alibabacoin’s turn over to Alibaba Group is a strategic move done by the Chinese conglomerate.

According to a Forbes article, economists and digital innovators believe that cryptocurrencies and blockchain plays a significant role in the modern financial system. As the innovation of cryptoindustry becomes widely-acknowledged, we are witnessing a transition from a traditional way of handling monetary matters into the application of digital assets.

Alibaba Group’s VP has recently said in an interview that their e-commerce business will begin integrating blockchain technology for future transactions. This plan could take advantage of the ground-breaking facial recognition feature installed in ABBC Foundation’s crypto platforms.

There were widespread rumors that Alibaba Group China is acquiring the Belarus / Dubai-based company and it seems that with the abovementioned factors being considered, it has happened.

ABBC coin is currently listed in more than ten major exchanges and ranked among the Top 40 in the Coin Market Cap.