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   417

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.

Barclays to Freeze Crypto Trading Project

This is reported by two anonymous sources to Financial News London
15 October 2018   100

One of the largest UK bank Barclays has suspended work on its own crypto-trading project, Financial News reports citing two sources familiar with the situation.

Earlier this year, the bank gathered a high profile team to explore opportunities for cryptocurrency trading as part of its own business. However, according to one source, the initiative was “frozen”.

The former head of Barclays for energy trading, Chris Tyrer, who headed the “digital assets project,” left the bank in September after management decided to freeze the initiative.

Together with Tyrer, the macro-strategy in the field of foreign exchange and emerging markets was Marvin Barth, Senior Technical Specialist Lee Brain, and Consultant Matthew Jobb Duval.

Their task was to determine whether cryptocurrencies are an asset class with far-reaching prospects, whether Barclays customers are interested in them and what type of IT infrastructure will be needed to work with them, the source said.