Alibaba has no monopoly over “magic” name, says Dubai crypto firm

The Dubai-based cryptocurrency firm Alibabacoin Foundation said Alibaba Group Holding cannot monopolise the “magical” Alibaba name, and asked a US judge to dismiss the Chinese e-commerce retailer’s trademark lawsuit.

According to a Reuters report, 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.

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 in 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.”