“AlibabaCoin” Has Fallen Under Alibaba Group China’s Control

“AlibabaCoin” Has Fallen Under Alibaba Group China’s Control

E-commerce has grown tremendously over recent years, and it will continue to grow in years to come. A lot of people are relying on to buy products online because it is more efficient and could be done in the comfort of their home. The innovative release of cryptocurrencies is going to have a significant impact on this industry. One of the most persistent and blooming digital currencies at the moment is the Alibabacoin.

Created by a Belarus and Dubai-based crypto firm, the Alibabacoin is known to be on the rise after breaking the $100 million market capitalization value on February 2019. The sudden growth of the coin’s potential troubled the Chinese e-commerce giant, Alibaba Group Holding Ltd. This caused the long-running legal battle fought between these two digital companies within the United States setting.

A few days ago, Reuter’s has published a report stating that the ABBC Foundation (former Alibabacoin Foundation) and China’s Alibaba group has finally reached a worldwide settlement. Despite winning the preliminary injunction, ABBC Foundation has given the “Alibabacoin” jurisdiction to Alibaba. Now, the coin is widely-accepted as ABBC Coin.

Based on a recent interview with Alibaba Group China’s vice president, the company is considering the implementation of blockchain in its supply chain. This might be related to a published report by the World Trade Organization saying that blockchain applications could be highly-effective to several industries including finance and logistics.  

The fact that Alibaba Group owns the biggest online shopping in the world makes people more certain that the benefits of using the Alibabacoin will be in their favor. This will simplify the shopping process and reduce transaction fees. With this venture, their online retail industry could grow even more.

For sure, the e-commerce and crypto industries would result in a huge transformation in the financial sector. This trend will continue and the future of the Alibabacoin may perhaps depend on online platforms designed to make business smoother for both buyers and sellers, such as Alibaba Group China’s company.

Despite the volatile nature of the crypto market, ABBC coin’s standing also remains to be strong. It is among the top 40 cryptocurrencies by market capitalization, as seen in the Coin Market Cap rankings.

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