Alibaba Sues Crypto Coin Over Trademark Infringement

Alibaba Group stated that it is not related to Alibabacoin currency and does not want to be associated with it
03 April 2018   515

Alibaba Group is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services. 

Judging by the documents recently filed to the US District Court in Manhattan, New York, Alibaba charged the developers of the Alibabacoin over the “prominent, repeated, and intentionally misleading” use of its trademark. Alibaba Group stated that it is not in any way related to Alibabacoin currency and does not want to be associated with it, or have its customers misled.

The Initial Coin Offering of Alibabacoin has started on April 16, and has already managed to raise $3.5 million. Nevertheless, although Alibabacoin and Alibaba Group are not related, previously Chinese giant of Internet commerce Alibaba Group was expressing concerns about the launch of a platform for the mining of cryptocurrency, which was reported by CCN with reference to unconfirmed information from local media. We believe that only time will show if Alibaba company finds its way in a crypto-related industry or not.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.