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May
7
2018
« MARKMATTERS HOME  /  Cryptocurrency: Ali Baba or thief?

Cryptocurrency: Ali Baba or thief?

Chinese online retail giant Alibaba is trying to block a cryptocurrency company from using a similar name.

The alleged infringer is Alibabacoin Foundation, based in Dubai. It offers a cryptocurrency, and has recently finished an ICO, selling 50 million coins in merely five days.

Alibaba is a Chinese technology corporation and one of the biggest companies in the world, with a market capitalisation in the region of $500 billion. It has initiated steps into the cryptocurrency world itself, launching a cryptocurrency mining business and developing its own blockchain.

The Chinese company now claims that its business in the US was hurt by Alibabacoin using a confusingly similar name.

The company from Dubai refutes all claims stating simply that Ali Baba is referring to the famous Arabic folk story “Ali Baba and the Forty Thieves”.

It’s up to the court now to decide whether the Dubai company is allowed to be Ali Baba, or if it is a (trademark) thief.