ABBC Foundation, a crypto firm based in Dubai has surrendered its plan to name its cryptocurrency “Alibaba,” as per a settlement of an almost year-long lawsuit battle that was brought by Alibaba, Chinese e-commerce giant

The ABBC Foundation was previously coined as Alibabacoin Foundation, which led them to use their former name for its cryptocurrency –  “Alibabacoin”. A Reuters report on March 11 suggests that the firm regrets the confusion caused due to the same and the company’s coin will now be called ABBC coin.

Alibaba sued the company for copyright infringement in April last year, after the “Alibabacoin” managed to raise $3.5 million through an initial coin offering (ICO). However, in May 2018, Alibaba’s request for an injunction against the startup was rejected...