Alibaba, a multinational e-commerce platform which was established in 1999 has taken aim at a cryptocurrency set up in Dubai under a potentially infringing name.
The cryptocurrency in question is ‘Alibabacoin Foundation’ (ABBC Foundation). Alibaba has filed a trade mark infringement claim in the US which argues that the Foundation has used the ‘Alibaba’ trade mark to raise more than $3.5 million through the sale of ‘Alibabacoins’ to investors.
The claim states that this use of an identical mark is likely to confuse consumers into believing the cryptocurrency is linked or supported by the company.
To support this, Alibaba filed evidence to highlight that even news platforms have indicated a affiliation between the two companies, due to the identical nature of the mark used.
The claim is based on a number of trade marks registered by Alibaba, which are registered potentially similar classes.
Alibaba has already had some success with this claim as a temporary injunction was granted to prevent further use of the name until the Foundation provides evidence that it has the right to use the name. The claim however is pushing further for a permanent injunction, tripe damages and costs.
It will be interesting to see how this matter will progress, and how it will affect the number of smaller cryptocurrency providers popping on to the market every five minutes.
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