ABBC Coin (ABBC) is a digital payment and e-commerce-focused cryptocurrency platform. Founded in 2017 by the Alibaba Foundation, now called the ABBC foundation, the team’s mission is to unify the world’s trade industry with a reliable digital currency that lowers transaction fees and times, as well as providing better accessibility to the e-commerce market with a digital currency that can be accepted anywhere.
ABBC Coin was originally called Alibaba Coin, and came under some legal trouble when Alibaba filed a lawsuit against them for the use of the trademark name Alibaba. The year long lawsuit was settled and both parties declared that the situation had ended amicably.
The platform has three distinct features: a wallet called Aladdin, a shopping mall called Buyaladdin and an exchange called Bitstorm. The Aladdin wallet is a multi-platform and multi-currency wallet that features a messaging function. Buyaladdin is an e-commerce application - a marketplace - which has over 50 retailers, according to the team. The ABBC coin can be spent here.
Having launched its payment solutions in late 2018, the development team spent the first two quarters of 2019 working on the implementation of facial recognition payments in shopping malls for instantaneous retail payments, as well as the launch of the ABBC Exchange website. The Q4 goal is a slightly ambitious one - the team has stated they expect the ABBC token to reach the top 20 cryptocurrencies by market cap.