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The Z/Yen Group Limited recently took legal action against a blockchain developer, the Cardano Foundation. The core of the problem and the cause of the lawsuit dates back to 2017 and is related to an agreement between the former research partners.
Business partnerships are usually great at the beginning. However, sometimes unpredictable things happen and they fall apart. That is fine if the parting terms suit both sides, but in the case of the Cardano Foundation, the separation from the former partner didn’t go as planned.
Regardless of the cryptocurrency blog you read, you will find the information on Cardano. Yet, if you want to find out the latest news on Cardano Foundation and its legal dispute with Fintech Think Tank, look no further. We have done a thorough research and put all the crucial details in the text you are now reading.
Why Is Fintech Think Tank Suing Cardano Foundation?
The Z/Yen Group Limited, based in the UK, recently took legal action against a blockchain developer, the Cardano Foundation. Allegedly, the core of the problem and the cause of the lawsuit dates back to 2017 and is related to an agreement between the former research partners.
A spokesperson for the Cardano Foundation shared their viewpoint on the situation:
“The proceedings relate to an alleged agreement between the Z/Yen Group Limited and the Cardano Foundation dated July 2017. The Cardano Foundation voided/terminated the agreement for various reasons. The Cardano Foundation fully rejects the claims raised by the Z/Yen Group Limited. Due to the ongoing nature of this judiciary process, no further information will be given while proceedings are in progress.”
The Switzerland-based foundation made information about the lawsuit available to the public on its official website. According to the information that can be found online, some speculate that the problem appeared due to the ownership of intellectual property.
The Cardano Foundation hasn’t made any other statements apart from the official announcement, while the Z/Yen Group hasn’t made any comments.
Times When Two Companies Worked Together
In 2017, the Cardano Foundation decided to collaborate with the Z/Yen Group’s Distributed Futures and work on research regarding blockchain applications. The initial goal was to expand the use of Cardano blockchain together with its ADA.
Cardano selected Distributed Futures as they mainly focus on blockchain, cryptocurrencies, and artificial intelligence (AI). As the Z/Yen Group gave the impression of a reliable company, the Cardano Foundation made Distributed Futures’ co-founder, professor Michael Mainelli, the director of research.
Their cooperation worked well during the first couple of projects but apparently came across an issue they couldn’t settle.
Will the Lawsuit Affect Cardano Foundation?
The relatively new Cardano Foundation started operating in 2017 and created a fuss on the blockchain market. The company located in Zug, Switzerland, came up with Cardano, the world’s first third-generation blockchain.
It didn’t take Cardano long to become one of the top 10 cryptocurrencies and generate around $11 billion. However, keeping a company successful is usually more difficult than creating it from scratch. This resulted in Cardano creating a team to monitor the development of Cardano and its ecosystem and work on improving it.
To achieve that, the Cardano Foundation found a diligent research partner — the Z/Yen Group. While everything went well during the first few stages of their cooperation, things might change now since the Z/Yen Group filed the above-mentioned lawsuit.
Since that moment, Cardano’s ADA has suffered a decline of almost 10% and is now trading at $0.03. However, analysts don’t seem bothered by these facts. They are linking the decline to the general chaos on the market, as well as the recent coronavirus pandemic.
Experts claim that ADA is going to be launched to the stars in 2020. All calculations, including this current situation, show that Cardano already has a large community of holders and supporters, the number of which can only increase by the end of the year.