Date
24 April 2018
A Dubai-based cryptocurrency firm has rejected accusations that it is trying to piggyback off the Alibaba name. Photo: Bloomberg
A Dubai-based cryptocurrency firm has rejected accusations that it is trying to piggyback off the Alibaba name. Photo: Bloomberg

Alibaba has no monopoly on ‘magic’ name: Dubai’s Alibabacoin

A Dubai-based cryptocurrency firm, Alibabacoin Foundation, on Tuesday asked a US judge to dismiss a trademark lawsuit from Alibaba Group, saying the Chinese e-commerce retailer cannot monopolize the “magical” Alibaba name.

In a filing with the US District Court in Manhattan, Alibabacoin rejected the claim that consumers would be confused into thinking Alibaba supported its alleged effort to raise money in the cryptocurrency market, Reuters reports.

Alibabacoin, which is also known as ABBC Foundation, said it has not been trying to piggyback off the Alibaba name, and that China’s ban on initial coin offerings last September eliminated a key source of potential confusion.

“The legend of Alibaba conjures up thoughts of magic, gold coins, and ‘Open Sesame’,” Alibabacoin said.

“The ABBC entities are well within their rights to use a word connoting magic and golden coins in an area (Alibaba) has not used or, at the very least, has abandoned.”

Alibabacoin asked US District Judge Paul Oetken to throw out a temporary restraining order issued by another judge last week, and not to issue an injunction against its use of the name.

It also argued that the court lacked jurisdiction over the case because Alibabacoin lacked sufficient ties to New York, the report said.

Alibaba’s lawsuit had sought a halt to further alleged infringements, plus compensatory, punitive and triple damages for alleged violations of federal and New York state law.

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RC

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